Just 0.3 Percent of Banking Customers Onboard with $1.5 Billion Consumer Data Scheme

Australian commercial banks are concerned about the low uptake of the Consumer Data Right (CDR) scheme despite outlaying $1.5 billion. The Australian Banking Association (ABA) has released the findings of a review of the CRD regime following its introduction in 2020. The CRD is an opt-in service that allows consumers to give an accredited business access to their data so that products and services can be tailored to their needs. According to the federal government, the data being shared under the CRD regime includes individuals’ personal information, such as their name and contact details, and detailed information about their use of a specific product or service....