ABA: $1.5B on CDR, 0.3% Usage
Australian banks invested $1.5 billion into Open Banking for minimal uptake
July 2, 2024
The Australian Banking Association (ABA) reported that banks have invested approximately AUD 1.5 billion in the past six years to develop Open Banking (known officially as the Consumer Data Right - CDR). Despite this hefty investment, only around 0.3% of bank customers have engaged with the service, equating to roughly 197,000 active arrangements.
The predominant beneficiaries of CDR are the top five recipients: Frollo, WeMoney, Flamingo, Beforepay Group, and CashnGo Loans, which together account for three-quarters of all data sharing. On the other hand, Basiq has facilitated data sharing for approximately 930,000 Australians under CDR, showing a significant adoption compared to the initial figures. The transition to CDR from other methods like screen scraping has also resulted in improved connectivity performance on Basiq's platform.
- Loyalty Central | Australia is a branch of Ellipsis & Company, experts in the field of loyalty programs.
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