Data is to the 21st century what gasoline was to the 19th: an initially undervalued commodity that became incredibly valuable. In our information age, it’s the data - its ownership, control, and use - that determines success or failure in the marketplace.
The Consumer Data Right (CDR) in Australia gives ownership and control of the data to the consumer – and incorporates data into the national competition policy framework. The CDR is therefore seeking to promote competition by lowering data barriers to entry, reduce market concentration, and reduce power of the few for the benefit of the many.
Davinder Oberoi explores in detail the drivers behind the CDR, its impact on the Banking industry, and the response options available to businesses to play, compete, and win in this brave new world.