What is Open Banking?
Open Banking is part of the Consumer Data Right, a government initiative designed to give you more control of your data.
The Consumer Data Right (‘CDR’) gives you the right to share your data between accredited service providers of your choosing.
The CDR is designed to give you greater choice and control over your data, and to encourage competition and innovation between businesses.
The information you choose to share may be about you, the way you use the products we distribute, or the product itself.
You get to decide when you would like your CDR data shared, what CDR data is shared and with whom you would like your data shared.
What is Product Data?
Product Data is publicly available information about the products we provide. The information includes items such as key features, interest rates, fees and terms and conditions.
What is Consumer Data?
Consumer Data is information we hold about you and your banking products and services in a digital form. This includes:
- consumer information, such as your name and contact details;
- account information, such as your account number, balances, fees, etc;
- transaction information, including dates, descriptions and amounts; and
- Product-specific information relevant to you, including terms and conditions, interest rates and fees, product features and benefits, and negotiated product pricing.