Sharing your data with accredited providers.
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. You can see the list of providers accredited by the ACCC by visiting the CDR website.
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 who offer a financial product or service via their app or website, for example, a budgeting tool.
This means you’ll be able to share banking data, such as:
- customer and account details,
- transaction history, or
- account balances.
To be eligible to use Open Banking you must:
- be over the age of 18,
- have access to e-banking.
- Be an eligible CDR customer. This means that you either:
- have at least one open Bendigo Bank account, owned either individually, or jointly with one or more other individuals aged over 18, or
- have been appointed to share data on an account that you do not own.
Is it 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.
- 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.
How do I share my data?
You will always start the data sharing process via an accredited provider’s website or app. If the product or service they offer requires access to your banking data, they will ask you to agree to share your data and let you know what information will be required. They will also advise you if this data will be accessed as a one-off, or if it will be an ongoing data sharing arrangement (which can be for up to 12 months).
If you agree to share your data, the provider will redirect you to Bendigo Bank. We will ask you to enter your e-banking Access ID and then send an SMS to your mobile phone with a one-time password. Once you have entered the password, just follow the prompts to confirm the data you wish to share, and we’ll securely provide the data to the accredited recipient.
Sharing data for joint accounts
Before a data sharing arrangement can be set up for a joint account, all account owners need to “allow sharing” on that account prior to starting the process with a provider. All customers need to:
- sign into e-banking
- go to the Data Sharing & Permissions menu
- select joint accounts
- select the button next to the account they wish to allow sharing on
Once all customers have allowed sharing, any account owner can then set up a data sharing arrangement with an accredited provider.
Sharing data on accounts not owned
An individual can be assigned the right to share data on an account they do not own.
In cases where the account is owned by one or more individuals, any of the account owners can assign this privilege via their e-banking. This privilege can only be extended to an individual who already has transactional access to the account.
In cases where the owner is an organisation, individuals can be appointed to share data on behalf of the organisation. This is a staff assisted process.
How do I view, manage, or stop data sharing?
You can easily manage or stop a data sharing arrangement by logging onto e-banking and going to “Data Sharing & Permissions”.
You can find the Data Sharing & Permissions menu under the “more” menu in the app, or the “settings” menu in the desktop version of e-banking.
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.
Further information and support
If you have clicked on any suspicious links and entered your e-banking details: