Find out what Open Banking is, how to manage your data and what the benefits are.
Open Banking is a new system that makes it easier for consumers to share their banking and financial data with organisations accredited by the Australian Competition and Consumer Commission. It’s
part of the Consumer Data Right (CDR) which is designed to give consumers
greater access and control over their personal banking information across the
A data holder is an accredited CDR business
that holds consumer data and must transfer the data to an accredited data
recipient at the consumer's request. To view a copy of our Data Holder Policy,
you can visit our Open Banking information page here.
Simply put, if you have consented to share your
data under the CDR, when an accredited data recipient requests your details to
help you compare, switch or manage products or services, we will securely pass
that information to them.
It’s important to note that your data will only be used if
you give consent for it to be. It is your choice whether or not you want to
give a business access to your data and you can withdraw that consent at any
time. You can also ask for data to be deleted if it is no longer needed.
Rest assured, the process is very secure, and
those businesses who are involved have been through an accreditation process
with the Australian Competition and Consumer Commission (ACCC) to ensure that
they adhere to high standards.
To view more information on Open Banking, including our FAQs, visit our open banking information page.Open Banking Information page
Last updated: 1 November 2021
The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.
Community First Credit Union LimitedABN 80 087 649 938 | Operating as Community First Bank | AFSL and Australian credit licence 231204| BSB 512-170