Disclosure Statement: Durand Financial Services Pty Ltd and its advisers are authorised representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. General Advice Warning: The information contained within this website does not consider your personal circumstances and is of a general nature only. You should not act on it without first obtaining professional financial advice specific to your circumstances.
(Australian Associated Press)
The banking industry will change more in the next decade than it has during the past 100 years, according to a report by KPMG.
Australia’s open data regime means that, by 2030, banks could be fully managing customers’ personal data, the accounting firm says in a report for the Commonwealth Bank.
More data will be generated as more objects are connected to the internet, making it difficult for individuals to control how their information is used and where it ends up.
KPMG’s Future of Digital Banking report posits that banks could become the intermediary between customers and other companies, sharing or withdrawing people’s data with providers without revealing their identities.
It acknowledges a trustworthy relationship between customers and banks will be crucial before people allow a financial institution the right to act on behalf of their data’s best interest.
Open data gives people access to information companies has stored on them, making them rather than the institution the owner.
The changes stipulate that consumers have the power to determine what data is shared, with whom and on what terms.
The four major banks have implemented the first set of changes, and energy and telecommunications industries are expected to follow their lead.
Full legislation for the Consumer Data Right is due in the banking industry from February next year.