Big 4 open more banking data

February 2021 marks a key milestone for the Consumer Data Right (CDR). All major Australian banks (the Big 4) have opened data to what is called “Phase 3” products.

Since the legislation came into force on July 1st 2020, adoption has been slow. So far the Big 4 have been the main actors in the space, while the rest of the banks (non-Major ADIs) are trailing behind.

So what is Australia's open banking timeline and what do these “phases” mean?

The Open Banking timeline (read access)

Each step in the open banking timeline below represents new data being released by the big 4 banks or the non-major ADIs.

• Consumer data is information related to the consumer's personal interactions with an institution. In the case of banking, this includes balances, transactions, loans etc
• Product data relates to the information about the product offered, like its rates and fees.

fiskil_timeline02_2f86e986a6.png

What are the CDR product phases?

Phases_86c1b6fa1d.svg

In February, the Big 4 banks have released phase 3 of consumer data and the rest of the Australian banks (non-major ADIs) have released phase 2 of product data.

The rates around personal loans can now be visualised and compared with over 100 banks and credit unions. This gives applications the possibility to show consumers how their deal compares in this historically low rate environment. Account data from overdrafts, retirement accounts and investment loans can also start being connected to apps for detailed analytics and financial planning.