Delivering Business Value via the Consumer Data Right
5 min read
Australian Military Bank needed a partner who could enable Consumer Data Right (CDR) compliance as a Data Holder and would eliminate the need for multiple vendors. Through selecting Biza.io, Australian Military Bank became the second Mutual Bank live on the platform, well clear of the deadline.
Australian Military Bank (AMB) is Australia’s longest-serving financial institution serving the Defence community, helping Australian families manage their money better since 1959. AMB supports its members with transaction accounts, savings accounts, credit cards, personal loans, home loans, and investment loans.
In November 2017, the Australian Government introduced CDR in Australia to facilitate Open Banking initiatives. The CDR was created to give consumers greater access to and control over their data and encourage competition and innovation in the banking sector.
Australian Military Bank (AMB) considered numerous providers to assist it with meeting the CDR obligation deadline in July 2021. AMB needed a solution which would pass on the CDR services to its members, and ensure full ACCC-standard compliance.
The Bank was concerned about the complexities involved with technically complying with all the new CDR requirements. As such, it was searching for a turnkey solution that would reduce the workload on its end. AMB needed a simple solution to provide the data required by the Holder-as-a-Service platform from its Core Banking System.
The Bank set about compiling a business case for the provision of a CDR compliance partner, that would ensure compliance before the deadline’s expiration. Within this business case, AMB declared its preference to have one vendor that could support the whole platform and didn’t require the Bank to cobble together different solutions.
Before ultimately selecting Biza.io, AMB found other providers did not have a proven working solution that was in production being used by a Data Holder or Data Provider, and this was seen as a project risk that could impact production go-live dates.
In particular, AMB had a second brand, RSL Money, to bring online with the CDR at the same time. Other providers were unable to deliver Data Holder multiple brands into the CDR without a significant cost uplift, unlike Biza.io.
By partnering with Biza.io, AMB was able to meet the CDR compliance deadline quickly, achieving this milestone faster than almost any other Mutual Bank in Australia.
For the Bank, one of the primary benefits was the fact that it was able to go live without any exemption from the regulator. This allowed AMB to be the second Mutual Bank live on the platform, with no production impacting issues during deployment.
Through partnering with Biza.io, AMB is able to be fully compliant with CDR without having to hire more staff with the specialised skills in this area. Additionally, AMB maintains its reputation within the Customer Owned Banking sector, and with the regulators.