Four new use cases for Open Banking’s future

The Australian Consumer Data Right (CDR) is designed as an exceptionally forward-thinking policy. However we are only scraping the surface of its potential.

This white paper takes a forward looking view at the Open Banking regime’s future, cemented in four novel use cases.

What are some of the key takeaways from the White Paper?

1. Novel use cases – New use cases will emerge at the intersection of insights and action. These include Rules and event-based payment initiation, Dynamic credit risk decisioning and Autonomous personal finance.
2. Towards Open Banking – Historically, consumers have only had the ability to interact with their data via technology known as ‘screen scraping’ but the roll out of Open Banking has accelerated.
3. What the future holds – Open Banking will be bedded down over the next five years. As the CDR moves into other sector such as energy and telco, innovation will accelerate at an economy wide level.

Important Information: This web copy and white paper has been prepared by Basiq Pty Ltd (ABN 95 616 592 011) (Company), and was originally published on 12 December 2023 on www.basiq.io. Information is current as at the publication date, and the Company has no obligation to update or correct this web copy or white paper. The information contained in this web copy and white paper is of a general nature and is not intended to address the objectives or needs of any particular individual entity, and should not be regarded in any manner as advice. To the extent permitted by law, the Company and its related bodies corporate will not be liable for any errors, omissions, defects or misrepresentations in the information in this web copy and white paper or for any loss or damage suffered by persons who use or rely on such information (including for reasons of negligence, negligent misstatement or otherwise. © 2024 Basiq Pty Ltd.