James Bligh makes a great point in his medium post today. (https://lnkd.in/ggQczEyn) The ABA might hate CDR as their members for the most part seem to have formed a view that it is a threat and something that should be thwarted at every turn, or at the very least is yet another impost and regulatory burden they just needed to tick off their ever growing list of compliance projects. What banks and others may be overlooking is that the vast majority of Australians now have access to their banking data through a well designed and regulated infrastructure. Consumers and businesses don’t need to use screen scrapers and bits of string to get a picture of their finances. Locking in your customers so they can’t compare or migrate is a poor substitute for a strategy of just providing a superior service. Some banks get this and they will use the CDR as a set of ‘rails’ to drive transformations in customer experiences, customer acquisition and new value creation. At Trideca we are already working with several institutions that get this. The ones dragging their heels or who are still thinking that they are ‘done’with CDR now they have met the compliance hurdle are going to be in for a rude shock.
Simon Spencer (Actual)’s Post
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