Dentons - Get ready for open data

"When the House of Representatives Standing Committee on Economics issued a report on the four major banks in November 2016, it sent a clear message in favour of open data.In fact, the Committee went so far as to recommend a change in regulation: By June 2018, banks must give competitors access to their customer data.

Now, this position has been confirmed in the Federal Budget 2017-18, handed down on 9 May 2017. In it, Treasury announced that the Government will introduce an open banking regime, under which customers will have greater access to and control over their banking data.

The announcement follows the 8 May 2017 release of the Productivity Commission’s final report on Data Availability and Use, which recommends reforms to improve access to, and use of, data in Australia, as well as news on the same date that a Productivity Commission Inquiry into competition in Australia’s financial system will commence on 1 July 2017.

While you may already be aware of the move to open data, have you considered all of the ways in which it will impact your business?"