Jessica Ellerm is a thought leader specializing in Small Business and the Gig Economy and is the CEO and Co-Founder of Zuper, a neowealth disruptor in Australia
If Australian businesses were still on the fence about how Open Banking will transform the competitive landscape, then following the release of Australian Open Banking fintech Adatree’s landmark report, they won’t be for much longer.
Open Banking (also known as the Consumer Data Right), went live in Australia on July 1, 2020. The legislation has long been in the works however challenges still remain. Many of these are purely practical – like how to access and use the nation’s treasure chest of data to benefit consumers. Others however, are far more abstract – just how could this data be used, to create business models that have never been seen before?
That’s where Adatree’s report comes in.
Adatree, who have developed Australia’s first Open Banking platform to help Data Holders and Data Recipients comply and compete with Open Banking, see the latter as key to unlocking the potential of Open Banking. Their report, 25 Ways the Consumer Data Right Can Create Smoother and Smarter Customer Experiences, provides an incredibly important leaping off point for businesses across various industries, who as of yet haven’t conceptualised what this historical legislation could enable for their operating models.
“These Open Banking use cases extend across the customer lifecycle, from acquisition to retention. They’re a win-win for businesses for smoother operational impacts and bringing innovative services to market, and customers with better products, pricing, and experiences,” explains Adatree’s CEO, Jill Berry. “Consumers will be the ultimate winners with time saved, more money in their pockets, and the absolute flexibility to change providers in a few clicks.”
The use cases in the report are innovative and inventive, and include such ideas as the ability to behaviourally modify consumers’ savings habits, through in-time, data-driven interventions, timely ride-share discounts, just after you’ve paid your restaurant bill, automatic switching of deposit accounts, whenever a better offer comes to market, and curated travel ideas from your online travel agent, based on your past spending behaviour.
The beauty of the report is once a business has landed on a use case that works for them, Adatree’s one-stop-shop solution for developers means in one connection to their platform, a business can receive data from all participating Data Holders (first come banks, followed by energy companies).
“Our platform has been built by engineers for engineers and innovators alike,” says Shane Doolan, Adatree’s CTO. “We see engineers as one of our key customers, so they can use our compliant Open Banking platform instead of wading through pages of legislative rules and security standards, some of which are still in draft and are guaranteed to change. They can instead focus on building solutions, which have a direct customer and business impact.”
Adatree have serious street cred when it comes to digital banking, with both Berry and Doolan having worked on neobanks Tyro and Volt, two of Australia’s most well-respected new banks. With a foot in both the SME and the consumer space as a result, they are well placed to understand how businesses from all walks of life should be maximising the Open Banking opportunity in front of them.
Data is Australia’s new oil, and Adatree have built some of the first pipes. All that is required now are for entrepreneurs to rev up their motors.
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