EP#240 ~ Unlocking the Consumer Data Rights Future for Small Business Consumers

Small Biz Matters: People, Policy, Purpose ~ Episode #240
Broadcast date: 9^th July 2024
Host: Alexi Boyd, Small Business Advocate & Policy Advisor
Guest: Live from the Fintech Australia 2024 CDR Summit

This week we were live from Fintech Australia’s CDR Summit for a very interesting discussion on why small biz mattes and why does Consumer Data Rights matter to our community – the advisors, the small businesses and the Fintech industry. Panellists were

Eric Tsang, CEO and Co-founder Skript

Grant Augustin, Managing Director SISS Data Services

Simeon Duncan, Senior Manager of International Corporate Affairs, Intuit

It’s been a hard fought regulatory battle to get us to this point and as you’ll learn in today’s discussion there’s still a long way to go.

So, what can we learn from other CDR and open banking from the rest of the world, where are the opportunities to collaborate? How can the Fintech industry make the most of this change to adapt and evolve to meet growing data needs of business? What are the missed opportunities to the Aust economy if we ignore CDR’s power and the potential to unlock the digital economy?

We need to ensure small businesses and their accountants and bookkeepers can effectively engage with the system and make data valuable and meaningful.  Today’s discussion from our experts is about empowerment, enablement and overcoming the barriers.

Let’s here from the experts as they introduce themselves and their expertise when it comes to Consumer Data Rights.

PEOPLE - What is the difference between CDR and bank feed in terms of a small business’ access and right to data?   What’s been the advocacy journey to get to this point and who has been involved and why? What do these changes to CDR mean for small businesses and the Fintech industry in the future?

POLICY - What’s the difference between bank feed and, open banking and screen scraping and why does it matter? Does the “perfect scenario” exist anywhere else in the world? Why is data quality integral to small business, government and policy making?  How important are bank feeds to cash flow and accurate / informed decision making?

PURPOSE – What is Consumer Data Rights and how did we get here? Who has lobbied to ensure small businesses, advisors and Fintech to ensure there was minimal disruption to bank feeds and the digitisation of all small businesses?

The 2024 Fintech Australia Consumer Data Rights Conference’s aim was to build awareness about the Consumer Data Right reform so more organisations across sectors can be involved in future proofing its success. It also aimed to achieve a high level of technical education for stakeholders on how Open Innovation can evolve the emerging Consumer Data Right ecosystem towards economy wide Open Data reality. It successfully showcased CDR opportunities, current and potential use-cases and connecting the established ecosystem with a broader commercial audience. full day of plenary and breakout sessions to explore the vast potential of the Consumer Data Right and highlight potential use-cases and commercial opportunities. It captured a broad audience spanning the digital economy, including fintechs and large financial institutions which are interested in but not yet fully harnessing the CDR. The event provided opportunities for players from across this burgeoning ecosystem to connect and discuss the vast opportunities CDR provides for the future digital economy.

Featuring local and international experts, policy makers, founders and builders will take to the stage to discuss the future of the CDR and showcase the most exciting emerging use cases.

The Major sponsor was Intuit.