The architect of Australia’s consumer data right is calling for patience with the four-year-old scheme and teased additional future benefits after banks on Wednesday warned almost no one was using it as their compliance costs hit $1.5 billion.
Lawyer Scott Farrell, who designed the data sharing scheme for the Morrison government in 2017, backed FinTechs in calling for an expansion of the Consumer Data Right (CDR) that would allow additional use cases in open banking.
He accepted there are issues with the CDR and it is yet to deliver the performance he envisioned.
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