In 2019, the Australian Government passed the Consumer Data Right (CDR) legislation, which is often referred to by the banking industry as Open Banking.
Open Banking aims to provide greater choice and control for Australians over how their data is used and disclosed. It will allow consumers to access their banking information in a usable form by directly transferring that information to an accredited data recipient.
Our Consumer Data Right (CDR) Policy contains more information on the Consumer Data Right, including how to access or correct your information, how to make a complaint and how we manage complaints.
To share your personal data via Open Banking is entirely your choice. We will never share your personal data without your consent. If you have a joint account, then any joint account holder can share your joint account data, though you will be notified if they do and you have a choice to disable data sharing at any time for any of your joint accounts.
To be eligible for Open Banking data sharing, you must:
Yes. A signatory (including business signatories and supplementary credit cardholders) can share your data through Open Banking if they are set up as a ‘delegate’ via the Open Banking dashboard. This must be done by the account owner or controlling person.
Yes, they can. To share data on behalf of their Principal Customer, a Power of Attorney(s) must complete form SC33 to Add/Delete Attorney(s) on Personal Accounts.
If the Power of Attorney(s) select ‘yes’ to allow data sharing, they will be approved as a ‘Delegate’ for Open Banking.
You will be able to share data such as:
Great Southern Bank is committed to ensuring that your data is safe and sharing your data via Open Banking is no exception. Your data can only be shared with your explicit consent and with data recipients that are accredited by the Australian Competition and Consumer Commission (ACCC). Data recipients must comply with strict privacy and security requirements in order to become accredited.
Data sharing is only possible with Accredited Data Recipients.
To share your Great Southern Bank data with an accredited data recipient:
Changes to your consent arrangements can be made at any time through the accredited data recipient. You cannot make changes to your consent arrangements through Great Southern Bank. Examples of changes that you may wish to make to your consent arrangements are:
You can withdraw your consent at anytime through online banking with Great Southern Bank.
Great Southern Bank does not charge fees to enable data sharing via Open Banking.
For more information on the Consumer Data Right, please refer to www.cdr.gov.au
For more information about Open Banking at Great Southern Bank, you can call us on 133 282.
