FinTech Australia unveils 2025 CDR Ecosystem Map and Report amid record consumer data requests and calls for reform
Vision set for 5.4 million Australians to actively benefit from CDR by 2030
FinTech Australia has today launched the sixth edition of its Australian Open Banking Ecosystem Map and Report — a landmark publication outlining the future state of the Consumer Data Right (CDR) and the urgent reforms needed to unlock its full potential.
Released with the support of Mastercard and Open Finance ANZ, the report comes as Australia surpasses four billion consumer data requests; a major milestone in the Open Banking’s rollout. According to the recent Productivity Commission report, enabling consumers to more easily access and share their own data could generate up to $10 billion in annual productivity gains for the Australian economy.
FinTech Australia now sets its sights on a 2030 vision: to see 5.4 million consumers and businesses, or one in four eligible Australians, actively using CDR-enabled products and services.
“This report is both a reflection of how far we've come and, crucially, a blueprint for how far we can go,” Rehan D’Almeida, CEO of FinTech Australia said. “Open banking boosts productivity, reduces consumer costs, and underpins a safer, more competitive digital economy With the right policy settings and support, it can deliver immense value.”
Brenton Charnley, Vice President and Head of Open Finance, Australasia at Mastercard, said: “The CDR is a critical part of Australia’s digital infrastructure, giving consumers a safe and secure way to share their data and access better products and services. It has taken significant effort to get to this point, and Australia’s open banking regime is now world leading. With uptake growing, the right policy settings to remove barriers to participation will allow the CDR to drive productivity, ease cost-of-living pressures, fuel innovation and build greater trust in the digital economy.”
Key findings from the report include:
530,000 Australians were actively using Open Banking products and services in the second half of 2024and an estimated 3-4% of eligible Australians are using by the end of 2025
582 million data requests were made in the second half of 2024, reflecting growing system use
190 registered software products now operate across sectors like healthcare, energy, and public services
Government and industry pilots, including Treasury’s rental data initiative, are showcasing the Open Banking’s cross-sector potential
CDR use cases enter a new phase
Beyond the data, the report highlights a maturing ecosystem where consumer usage is growing. Open Banking is solving real-world challenges across a growing set of industries. Notable in-market use cases include:
Gather Wealth: A personal finance platform offering users a real-time view of their financial lives. It uses Open Banking to consolidate banking, property, and investment data, with plans to enable real-time financial actions like switching products or automating savings from a single interface.
SISS Data Services: Provides Open Banking tools for accountants and SMEs, addressing friction from multi-user banking and nominated representative requirements. Its CDR ACSISS tool helps business owners and advisors securely access financial data without technical complexity.
NextGen: Integrates CDR into mortgage application platform ApplyOnline, delivering tamper-proof financial data directly to lenders. This removes the need for supporting documents, shortens approval times, and improves loan decisioning accuracy, all while enhancing consumer trust and compliance.
EnergyFlex: Uses CDR to provide households with a simple, app-based energy profile. Consumers receive an EnergyFlex rating, benchmark comparisons, and tailored recommendations to lower costs and emissions — all without requiring additional devices or energy literacy.
Reform recommendations
To accelerate adoption and realise the full potential of the Open Banking, the report outlines several key priority recommendations, including:
A phased transition on screen scraping in the banking sector
Government adoption of Open Banking to build trust and lead by example
Streamlining the nominated representative model to unlock SME participation, particularly in SME accounting
Simplification of consent pathways through the introductions of a consumer disclosure consent model to reduce operating costs, complexity and barriers to participation
Continued funding and governance reform to support long-term growth
The recommendations follow the Federal Government’s 2024 “reset” of the CDR, which aimed to reduce costs, enhance functionality, and expand coverage into non-bank lending.
About FinTech Australia
FinTech Australia is the not-for-profit peak industry body for the Australian fintech sector, representing more than 400 companies nationwide. It works to foster a thriving fintech ecosystem by advocating for supportive policy, promoting innovation, and enhancing collaboration between startups, industry and government.
