What is Open Banking?
Open Banking is part of the broader Consumer Data Right (CDR) legislation, introduced by the Australian Government to give consumers more control over their data and make it easier to:
- compare products and services;
- access new and improved services.
It enables consumers to share their data with accredited providers via a simple, easy to use and secure automated process.
The CDR legislation begins with banking and will later include the energy and telecommunications sectors.
What does this mean for me as a customer?
From 1 July 2021, eligible Bendigo Bank customers will be able to authorise the sharing of their data with CDR accredited service providers.
This means you’ll be able to share banking data, such as:
- customer and account details,
- transaction history, or
- account balances,
with an accredited provider who offers a financial related product or service via their app or website, for example:
- a budgeting tool, or
- a personal loan.
Will it be safe to share my data?
Yes, there are strict rules and security protocols in place to protect your information.
- CDR is co-regulated by the Australian Competition and Consumer Commission (ACCC) and the Office of the Australian Information Commissioner (OAIC).
- Providers must meet strict accreditation criteria and this process is managed by the ACCC. You can find out which providers are currently accredited here.
- Data will be securely transmitted by Bendigo Bank to accredited providers only.
- If you choose to share your data, you’ll be directed to Bendigo Bank to log-on using your e-banking access ID and we’ll send a one-time password to your mobile phone (you’ll never be asked to provide your e-banking password when sharing data with a legitimate data recipient in Open Banking).
- Once we have verified that it is you, you’ll be asked to confirm that you wish to share your data with that provider. You have full control of the data sharing arrangement; your data won’t be shared without your consent and you’ll be able to stop sharing your data at any time.
More information about the strict privacy safeguards in place to protect your data can be found in the factsheet.
What if I don't want to share my data?
Sharing your data is entirely your choice. If you’re offered a product or service that requires you to share your data, the decision to proceed, or not, will always be yours. We’ll never share your data without your consent.
When will more information and instructions be available?
From 1 July 2021 eligible Bendigo Bank customers will be able to share their data with accredited providers. More information and instructions will be available at that time.
If you have any questions about the CDR legislation please visit the CDR government website.
