The Commonwealth Bank has become the first of the 'Big 4' banks to become an accredited data recipient under the federal government’s consumer data right (CDR) scheme.
The bank was officially accredited by the Australian Competition and Consumer Commission (ACCC) last week, less than a month after first revealing plans to do so.
It joins only eight other data recipients to receive sign-off under the CDR scheme, which officially went live for banking last July after a series of setbacks.
The other accredited data recipients are the Regional Australia Bank, software provider Intuit, credit bureau illion and fintech’s Frollo, Ezidox, Yodlee and Adatree.
As an accredited data recipient, CBA will be able to receive a consumer’s data from an accredited data holder and use it to provide an enhanced product or service.
However, like all but three accredited data recipients, the ACCC is yet to set the bank's status to 'active'.
Once this occurs, CBA will be able to register its software products with CDR data holders and begin ingesting data.
CEO Matt Comyn believes accreditation is necessary to ensure customers are recieving the “most personalised and relevant and differentiated banking experiences”.
“It’s an area that we think there’s large opportunities for us and potentially threats,” he told iTnews last month.
Initial services are expected to centre on “aggregation and convenience”, building on the range of services recently built into the CommBank app such as the ‘digital benefits finder’.
In the lead up to accreditation, CBA has developed a ‘for you’ hub in its app to deliver personalised offers and relevant connected services to customers.
The personalised content feed currently helps the bank showcase external products and services from Klarna or its X15 ventures.
