Understanding the Consumer Data Right
The Consumer Data Right (CDR) was introduced by the Federal Government to provide consumers with rights to the data that relates to them under the Competition and Consumer Act 2010 and the Competition and Consumer Rules 2020 (CDR legislation). The ultimate aim is to give consumers more control over their data and increase competition in the market through the provision of data-driven products and services. In the banking sector, this is called Open Banking.
Under the CDR legislation you can authorise G&C Mutual Bank to share selected banking data we hold about you for specific purposes with accredited organisations. You can decide when to share your CDR data, what CDR data you share, and with whom.
Our Consumer Data Right Policy
As required by the Consumer Data Right legislation, we’ve put together a Consumer Data Right (CDR) Policy. The policy explains how we manage your CDR data and describes how you can access and correct your CDR data, or make a complaint, if needed.
Download our Consumer Data Right policy
For further information on the Consumer Data Standards, please refer to the Consumer Data Standards website and the ACCC Consumer Data Rights website.
Benefits for you our members
According to the Australian Government, Open Banking will provide the following key benefits for our members and all consumers in general:
- Greater visibility of and control over your banking data
- Greater ease of comparison between products and services in terms of both price and quality
- The ability to switch between providers more quickly and easily
Accredited API Partners and Developers
The G&C Mutual Bank Open Banking Product APIs enable third parties to access information about the products that we currently offer. Our Product APIs have been developed in accordance with the Consumer Data Standards and includes the following products:
- Transaction Accounts
- Savings Accounts
- Term Deposits
- Credit Cards
- Home Loans
- Personal Loans
Developers can explore the possibilities of the Open Banking landscape today and start designing new banking experiences with G&C Mutual Bank's APIs
You can access your CDR data through service providers accredited to offer services under the CDR (who are called accredited data recipients). A list of accredited data recipients can be obtained online here.
