Open Banking and Consumer Data Rights

Description

Consumer Data Right – a groundbreaking and revolutionary initiative that allows consumers to securely share the personal data held by businesses to help them find the best products and services befitting their needs.  

Previously, businesses held exclusive control of data generated from consumer purchases or product use. Now, consumers get to choose if they want to share their data, who they share it with, and for how long. As an added benefit, businesses must also share data about their products and services in a standardised format, making offers easier to compare. By empowering consumers to share their data, this initiative fosters innovation in new products and services. 

The Consumer Data Right has started to dramatically impact a number of sectors within the Australian economy, starting with the Banking Industry in July 2019 (known as Open Banking). 

The Consumer Data Right promises to open up a significant amount of new data but to obtain access there is also a range of new conditions, including Accreditation, New Privacy Safeguards, and a range of disclosure and conduct obligations such as development of API functionality, and the utilisation of dashboards to display consent. 

This course will enable learners to understand the concept of open banking and consumer data right and their obligations as data recipients/data holders. 

Estimated time to complete

Learning outcomes

By the end of this course, you will be able to