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The new Consumer Data Right Bill has created wide-ranging implications across many different sectors of the Australian economy. KPMG can help you understand and realise the growth opportunities from the introduction of the Consumer Data Right, whilst managing potential risks and implementation requirements with customer centricity at the core.
With the passing of the Consumer Data Right (CDR) Bill in August 2019, an open data economy has been introduced in Australia. This means consumers have greatly improved access to, and control over, their own data. The CDR mandates a greater transparency of service and value that will facilitate better informed consumer choice.
This is the first step in an open data future in which institutions and consumers are all part of a safe, robust and innovative ‘data economy’. Open Banking is the first reform to launch in Australia and other sectors, including energy, telecommunications, superannuation, travel and leisure, will follow.
This changing regulation means there is an opportunity for Australian organisations in these industries to fully realise the opportunities of open data when the CDR is further legislated.
How we can assist
KPMG can assist across all sectors to achieve the following outcomes from open data:
- Educating stakeholders – Understand the implications of Consumer Data Right for your organisation’s processes, policies and procedures; how it may present opportunities to deliver enhanced customer experiences and new propositions.
- Establish the foundations to implement – Establish critical foundations to successfully comply to and implement the Consumer Data Right through ensuring organisational readiness via technology systems, knowledge, data readiness and integrity.
- Customer centricity – Gain customer insights by using your enriched data to improve customer experience, personalise offerings, retain and gain customers and improve customer stickiness.
- Innovate for strategic growth – Focus on extracting commercial value by using your enriched data to create innovative new products and services or aggregate data sources to drive growth and gain a competitive advantage.
- Collaboration via partnerships for future growth – Grow my business by complementing or enhancing your organisational capabilities with data, fintech, cross-industry or other startup partnerships.
Our capability areas
- CDR readiness assessment
- Data governance and strategy
- Regulatory and privacy management
- Compliance and program support
- Technology strategy and readiness
- Strategy and commercialisation opportunities
- New product development
- CDR compliance continuous monitoring
- Identity & Access Management (IAM) solutions to ensure data safety
Open data video insights
In this series of short video clips, our open data experts provide a point of view on the opportunities for businesses, benefits for consumers, risks and critical success factors around the Consumer Data Right (CDR).
Ian Pollari, National Sector Leader, Banking and Co-Lead Global Fintech, KPMG and Cassandra Hogan, National Sector Leader, Power & Utilities, KPMG discuss the opportunities for our clients including the banking and energy sectors. The CDR will provide opportunities for organisations to provide better services to their customers which will improve customer experience.
Prashant Khanna, Partner, Data and Analytics, KPMG, Jeremy Knight, Partner, Technology, KPMG and David Richards, Director, Audit & Assurance, KPMG detail the benefits of Open Data for consumers generally, with some examples for the superannuation and travel and leisure sectors.
Gordon Archibald, Partner, National Leader – Cyber Security, KPMG explores the key risks that organisations need to mitigate when it comes to cyber security. Ken Reid, Head of Advisory – ASPAC, KPMG and Paul McCarney, Chair and Co-founder, Data Republic both share their views on the critical successful factors for organisations to consider around the CDR.
Kelly Henney, National Leader – Data Privacy Services, KPMG and Brett Watson, Partner, Payments & Open Data, KPMG share how KPMG is helping clients with preparing for the Consumer Data Right covering all elements from data and privacy services, compliance and strategy and commercialisation.
Scott Farrell, Partner, King & Wood Mallesons and Open Banking Review Chair, Craig Kennedy, Managing Director, Cuscal and Kate Crous, General Manager, Digital Banking, Commonwealth Bank provide their external views on what the new Australian data economy will look like with the introduction of the CDR. The data economy needs to be centred on the customer as it puts the customer in charge and control of their information.
Thought leadership
Read more on the Consumer Data Right in our latest thought leadership articles and reports:
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