Firm screen scraping deadline demanded, as fintechs call for certainty on CDR
Fintechs called for greater certainty from policy makers and a date for banning screenscraping at the third annual FinTech Australia CDR Summit.
Attended by over 300 delegates from across the fintech industry, major banks, financial services companies and policy makers, the event dissected the issues central to the ongoing rollout of Australia Consumer Data Right.
Commenting on the event, FinTech Australia CEO Rehan D’Almeida said: “This was yet another sellout event for FinTech Australia. It featured constructive and upbeat discussions that will shape the continued advocacy and rollout of Australia’s consumer data right -- which is seen as one of the best regimes of its kind on the planet.”
Sessions throughout the day honed in on three key points:
Phase out screen scraping: Delegates called on the Federal Government to set a firm date on phasing out the practice. Screenscraping refers to the automated process of collecting data from a user's online banking or financial account by mimicking human interaction with a website, typically using the user's login credentials. Using the CDR, companies can achieve the same goal without the need for their credentials and in a controlled, regulated environment.
Align the Consumer Data Right with the Privacy Act: Digital identity and its ties to the CDR was brought up as a recurring theme throughout the day. Delegates called for a closer tie-in between the two policies, as the CDR will play a key role in establishing and verifying digital identity.
Enable greater business participation in the CDR by relaxing nominated representative rules: Aimed at creating better use cases for the CDR and seeing wider adoption of the regime across business, especially small business accounting services, which has been identified by the Federal Government as a priority use case.
The event also surfaced several unique use cases of the CDR. Financial Counselling Australia presented their pilot program using the CDR to help quickly understand the financial position of their clients. Domenique Meyrick, co-CEO, Financial Counselling Australia said the CDR saved between three to five hours of work per client.
In some instances, it allowed counsellors to quickly check whether a client is eligible for government support, and use information provided by the CDR to support their claim, creating a stronger safety net for those in financial hardship.
Grant Augustin, Founder of SISS Data Services said: “The fintech Industry cannot be stuck in limbo as regulators try to perfect the CDR. What we need is certainty, and this starts with locking in a date for the end of screen scraping, and changes to the business disclosure rules to make them workable for businesses to drive greater adoption."
D’Almeida added: “This year’s Summit also crucially surfaced unique use cases to industry, and humanised this line of technology. We need to hear more stories and use cases like what we heard with Financial Counselling Australia, that unearth how fintech is having a tangible and meaningful impact on people’s lives. This is crucial, as a way of telling our story about the power of our technology, in a way that most Australians can understand.”
About FinTech Australia
FinTech Australia is the not-for-profit peak industry body for the Australian fintech sector, representing more than 400 companies nationwide. It works to foster a thriving fintech ecosystem by advocating for supportive policy, promoting innovation, and enhancing collaboration across government, industry and startups.
