Finder becomes first comparison platform to achieve CDR accreditation
Finder has become the first comparison platform to become an accredited data recipient under Australia's new government-backed data-sharing framework known as the Consumer Data Right (CDR).
Finder will now be able to ask a consumer for consent to use their banking data to provide personalised recommendations via the free Finder app, a money-management tool geared toward helping consumers make better-informed decisions on their finances.
The app, which already has over 221,000 unique installs, gives users a mobile-based overview of their spending patterns as well as insights on where they could be saving money on everything from health insurance to broadband.
It also gives consumers a free credit score and an indication of how likely they are to be accepted for certain products like credit cards and home loans.
Chris Ellis, CEO of Finder Australia, said achieving accreditation is a landmark milestone for Finder.
"Open banking will change the way consumers manage their finances forever and we are going to be right at the forefront of that.
"Ultimately, CDR will enable us to alert members to better deals and facilitate switching in a very efficient and convenient way for the consumer."
Finder's Consumer Sentiment Tracker reveals that 57% of Australians have never heard of the Consumer Data Right with a further 40% not being able to explain what it is. In spite of this, three-quarters believe banks should have to share their data with apps if authorised by the consumer.
"We want Australians to know what the CDR can do for them," Ellis continued.
"The data feeds provided through the CDR will be faster and more secure than anything that came before, and as the first accredited comparison platform, we're perfectly placed to help consumers switch and save across a range of verticals.
"Open Banking is just the tip of the iceberg. We're excited to work with the government to bring the same framework to the energy, telco, superannuation and insurance sectors where we already help consumers."
Ellis said the accreditation application process was valuable to build capability within Finder.
"Highly sensitive data is shared through the CDR, so rightfully, the ACCC has set a very high bar when it comes to getting accredited," he said
To date, the ACCC has only accredited 12 data recipients under the Consumer Data Right and Finder is the only comparison site.