A better policy for Consumer Data Right
With the Consumer Data Right now very much ‘live’, I recently took the opportunity to sit down (virtually) with Rob Hale, Regional Australia Bank’s Chief Digital Officer. The focus of this chat was Regional Australia Banks’ CDR Policy.
If you haven’t taken the time to check out their policy, it’s totally worth it. RAB have gone above and beyond the requirement of a static policy. Instead, they’ve augmented the required deliverable with a more interactive and progressive Better Disclosure experience.
Speaking from my perspective here, this is an important leadership move. The market is systematically failing at disclosure. The current scientific literature recognises this. Regulators recognise this.
In fact, ASIC goes so far as to call current disclosure practices an “enabler of poor conduct”.
So, with the opportunity to design a more humanity centric digital economy within our grasp, the time is now to lead with a consumer outcome focus. Better Disclosure is a big part of that.
If you’re interested in how, check out the video. Rob actually mentions that he and the team will be sharing and ‘open sourcing’ all of their CDR work. This is an attempt to help other organisations do better work, faster and cheaper.
I crossing my fingers that many take Rob and RAB up on this offer.
