Reforms based on consumer choice would make it more straightforward for customers to access data, said participants at a Fintech Australia / Fintech Victoria / Victorian government event.
More than 30 attendees at the open data roundtable debated the key operational and policy issues for the opening-up of financial data, ahead of a final report to be handed down this month on options for the collection and distribution of data from the Productivity Commission.
Representatives from the Australian Securities and Investments Commission (ASIC) and the Australian Federal Treasury joined banking, superannuation, insurance, and legal officials were also present.
Fintech Australia chief executive officer, Danielle Szetho, said both consumers and businesses should have the right to direct institutions on how their persona data was shared to third parties.
“We need ongoing industry engagement to co-design workable standards and governance for the development of safe and easy-to-use online solutions to allow consumers and third-party companies they authorise to seamlessly access their data,” she said.
“By doing this, we can all help meet consumer needs and help create a more internationally competitive and stronger Australian fintech and financial services industry.”
Szetho said Fintech Australia would focus on several key issues related to open data policy moving forward, including the development of a cross-industry group, a higher involvement level from ASIC in the surveillance of third-party companies, and a reassessment of the ePayments code.