HomeView 2016 Media ReleasesNew poll finds data’s potential still to be unlocked

Ahead of a Productivity Commission (PC) report out this week, a new poll has found consumers have a range of views on who owns financial data and its potential to empower consumers to get a better banking deal.

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Ahead of a Productivity Commission (PC) report out this week, a new poll has found consumers have a range of views on who owns financial data and its potential to empower consumers to get a better banking deal.

Debate will ramp up on this topic this week when the PC issues a draft report on its inquiry into Data Availability and Use.

COBA commissioned polling by Essential Research to test consumer sentiment on the potential of opening up financial data and the impact of this on driving competition.

“Ahead of this important PC report, the polling indicates a lack of awareness about the use and ownership of financial data,” COBA CEO Mark Degotardi said.

“Consumers are naturally cautious about ensuring their data is safe and secure but this poll uncovers a fascinating generational difference of opinion about who actually owns financial data. Surprisingly, younger people are less sure than older people that their data belongs to them.”

The poll of 1000 people conducted by Essential Research found:

  • 88% say consumers should have the right to control their data; and
  • Older respondents are more likely they were to think that consumer banking data should belong to them: 77% of those aged 55+ selected this compared to 64% of those aged 35-54 and 53% of those aged under 35.

The polling looked at the ‘Open Banking’ model set to be introduced in the UK, which aims to let consumers share their own financial data securely with third parties to help them find better value services and take more control of their finances.

“Consumers are wary, which shows the debate is only just beginning in Australia, but younger consumers are more interested in ‘Open Banking’ than older consumers.

“These poll findings are a useful contribution to the conversation about sharing data along the lines of the UK model and its potential application in Australia,” Mr Degotardi said.

“We need to find the key to putting power back into the hands of the customer when it comes to retail banking.”

Essential Research Report on Data311.88 KB

Media Release160.3 KB

For more information please contact:

Daniel McDougall, Senior Manager – Media and Communication

02 8035 8444 or 0407 637 541, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Customer Owned Banking Association is the industry body for credit unions, building societies, mutual banks and friendly societies.  See coba3.nexusone.com.au

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