The poles and wires of the open data economy.

Common Questions

• What is the Consumer Data Right?

  The Consumer Data Right (CDR), also often referred to as Open Banking, gives consumers the right to share their personal data with organisations that they trust. It is a newly regulated data sharing regime. 

  Customer, product, account, and transaction data are typically held by organisations, such as banks. If this data (CDR Data) is shared with other organisations, then it can be incorporated into the recipient’s product and service offerings.

  The CDR drives innovation and competition and is specifically aimed at improving customer outcomes more broadly. The CDR gives individuals the power to control their own data and share it with companies on their terms. 

• How does the CDR help organisations?

  Creating Smoother Experiences 

  Organisations that receive CDR data (Accredited Data Recipients, ADRs) can use this data to provide smoother experiences to their customers across a range of touchpoints. Through automation, effort is reduced and scalability of processes increased. These improvements have a calculated return on investment with enhanced customer experience evident.

  Consumers mainly benefit from reduced friction in experiences: either directly as they get to outcomes quicker, or indirectly by reduced cost of services.

  Data Recipients benefit from higher quality inputs, increased streamlining of existing processes and enablement
  of entirely new services.

  Creating Smarter Experiences

  Data Recipients can provide smarter experiences to their customers through innovation in analytics. The maturity of Data Recipients and access to CDR data enhances their analytical capabilities and the ability to learn from data.

  Consumers mainly benefit from better services, tailored to their specific situation
  and needs. Data Recipients benefit from truly actionable datasets, ability to personalise offerings and improved predictive modeling capabilities.

• How does Adatree fit within the CDR?

  Adatree is enabler for any company that wants to participate in the Consumer Data Right. Our platform suits the needs and is scalable for any company, from startups to enterprises, and for any use case. 

  We take on the technical complexities of participation of consent management, APIs and all required integrations during development (non-production), accreditation and all future technical and compliance changes. 

  Adatree removes the barriers so you get the full benefits of being a part of the CDR.

• How can my company receive data?

  To receive CDR data, you must be accredited as an Accredited Data Recipient (ADR) by the ACCC.

  While there are high standards to participate in this regulated environment, Adatree makes it cheaper, faster and more efficient to be an ADR and leverage it for your customer value propositions. 

• How do I get started?

  If you are interested in becoming an ADR reach out to us at Adatree today as we can support you through your accreditation journey. 

  If you are interested in developing your Use Cases in a CDR compliant test environment check out our Industry Sandbox

• What are the differences between CDR and screen scraping?

  There are many differences between the two, largely relating to customer controls and choices, technical reliability, and transparency about the purpose and uses of the data. 

  Check out our comparison report here. 

• How can I be an ADR quickly?

  It is a journey to become an Accredited Data Recipient with steps, milestones, key tasks and dependencies. Based on our hands-on experiences, we have authored a 42 page guide with Trend Micro, DNX Solutions and RSM Australia. 

  Read our Practical Guide eBook here.