Consumer Data Right (CDR)
Complying with the Consumer Data Right (CDR) is a complex undertaking. With a focus on compliance, it’s easy to lose sight of the competitive advantage CDR will enable in the form of improved customer experience and personalised offerings.
Our CDR solution, services and use cases will help you to both comply efficiently with the regulations and compete effectively in the open finance marketplace.
What is your CDR ambition?
Efficiency
CDR can reduce the time to ‘yes’ and simplify onboarding. It also supports more powerful fraud detection and enables digital dispute handling.
Differentiation
CDR can improve the customer experience by providing the insights and connectivity required for personalisation and cross-industry innovation.
Growth
CDR leaders can raise their brand awareness, forge new third-party partnerships, gain access to new products and open up targeted offers and upselling opportunities.
Hyper-personalised marketing
Use granular data to create compelling customer-specific products, services or content.
Personalised digital experiences
Increase sales and drive loyalty by delighting customers with tailored experiences that reflect their needs and situation.
Better defence against financial crime
Automate, accelerate and strengthen KYC using aggregate open finance data and benefit from cross-provider identity sharing.
How we can help with your CDR ambition
We are at the forefront of supporting CDR compliance and developing a competitive advantage in the world’s evolving open finance markets. We bring compliance efficiency via our secure “as a service” Nexus platform. With diverse CDR domain knowledge, we offer professional support for banks, non-bank lenders, energy companies, telcos and insurers.
Leading, global CDR experience
We have unique experience in the Australian CDR domain as a strategic advisor to the regulator to support the testing and roll-out of the CDR eco-system. We also support many other financial services organisations in their CDR programmes of work and solutions. In parallel, we work with clients and regulators in the UK, US, India, Brazil and the European Union, where open banking is also being implemented.
EY Nexus for CDR platform as-a-service - Solution
This ready-to-go managed services platform is proven, cloud-based and extendable, covering all your data holder and data recipient obligations. You’ll be able to scale rapidly and add capabilities to seize the opportunity presented by consuming CDR data. As part of the service, we continuously track, assess and implement CDR rule changes – so you don’t have to. Our strong data security practices mean our solution is able to handle personal and sensitive data.
EY Nexus for CDR uses the Microsoft Azure stack and is hosted in Australia. It comes with a robust support model, including 24x7 monitoring and support.
Change management services
The CDR will impact many aspects of your business, including strategy, product, risk, cyber security and customer support. We understand these moving parts and can help you manage the change program across each area.
Regulatory impact assessment
Find out how the new regulations around open finance will change your:
- Customer behaviour
- Competitive environment
- Product requirements
CDR assurance
Validate and uplift compliance and readiness – and gain confidence that your organisation is compliant to avoid regulator action.
Accreditation services
Improve your odds of first-time regulatory accreditation and get innovative CDR-based products to market first – or use us as your principal Accredited Data Recipient* so you don’t have to be accredited.
*Subject to accreditation approval.
