• What is Open Banking or Consumer Data Right (CDR)?

    In November 2017, the Australian Government announced the introduction of a Consumer Data Right (CDR) which is being applied in stages to the banking sector first and being referred to as Open Banking.  

    Open Banking allows you, as a member, to share your People's Choice data with third party institutions such as other banks, credit unions, Fintechs, online lenders and money management apps.  

    Once the banking sector roll out is complete, CDR will be extended to the energy and telecommunications sectors. 

    Consumer Data Right Policy

    If you’d like more information about CDR, please visit the Consumer Data Right website
  • How will I benefit from Open Banking?

    Open Banking is designed to give you, the consumer: 

    • A secure way to share your data.  
    • The opportunity to provide your transaction details to CDR accredited budgeting apps which may assist you in working towards a People’s Choice loan.  
    • The ability to compare and switch between products and services. 
    • Better prices and more innovative products and services as Open Banking will encourage competition between service providers.  
  • Is Open Banking available to everyone?

    Open Banking is available to eligible members.

    To be eligible to share your data with an accredited data recipient, you must:

    • Be over 18 years of age.
    • Have an account with People’s Choice that's both open and eligible to share data.
    • Have at least one account that can be accessed using Internet Banking.
    • Have a valid mobile phone number so we can verify your identity when asking you to authorise us to share data.

    Data can be shared by all types of account holders:

    • Individual account holders
    • Joint Account holders
    • Sole Traders
    • Nominated Representatives who have been enabled for sharing permissions by a Business Representative via their data sharing dashboard
    • Secondary Users who have been enabled for sharing permissions on the account by an account owner via their data sharing dashboard
  • What should I do if I have a query or complaint related to Open Banking?

    For any queries and complaints related to Open Banking, you can send us a secure mail via Internet Banking, visit a local branch or call the National Contact Centre on 13 11 82.
  • Is Open Banking secure?

    Keeping our members' information safe and secure is our highest priority. We have strict privacy and security requirements for accessing, sharing, and storing information to ensure your data remains safe. 
     
    Your Open Banking consumer data is only shared with accredited third parties when you authorise it. 

    The accredited data recipient is only allowed to use your data for the purpose you consented to. If your data is used for a different purpose, that may be a breach of the Consumer Data Rights legislation, which can result in fines and/or revocation of the data recipient’s accreditation.

    You can withdraw your authorisation for us to share data at any time and make a request to the accredited data recipient that the data you’ve shared be deleted or de-identified. 
     
    All Open Banking participants that receive data are required to be accredited by the Australian Competition and Consumer Commission (ACCC). 

  • Will my data be shared without my consent?

    No. Under the Consumer Data Right, we will only share your data with another organisation if you give us permission to do so. 
     
    To track authorisations you have given for us to share data, use your data sharing dashboard available in Internet Banking.

People’s Choice Open Banking Progress

There are some elements of open banking that we are still working on, summarised below and details can also be found by clicking to view the ACCC rectification schedule. We will continue to provide updates on data sharing offerings and how you can benefit from Open Banking. 

Description

How does this impact members?

Expected resolution date

Secondary Users and Nominated Representatives

Secondary Users functionality to enable an account holder to permanently withdraw authority for a secondary user to share to a specified ADR entity not available

Functionality available to enable account holders to cease secondary user data sharing for a specific authorisation.

 TBC

Are you a developer?

Please visit our Open Banking information for developers page.

Open Banking FAQs

  • What transaction accounts can I share data from?

    You can share data from:

    • Transaction accounts
    • Savings accounts
    • Term deposits
    • Credit card accounts
    • Residential home loans
    • Investment property loans
    • Mortgage offset accounts
    • Personal loans 
    • Business finance
    • Investment loans
    • Lines of credit (business)
    • Trust accounts
  • What’s a data holder?

    A data holder is an organisation, such as People’s Choice, which holds data about consumers e.g. account information. Members need to authorise us before we can share their data with an accredited data recipient.

    A data holder can also be an accredited data recipient.
  • What’s an accredited data recipient?

    An accredited data recipient is an organisation that has been accredited under the Consumer Data Right to provide a service and receive information on behalf of the consumer. After receiving consent from the consumer, the accredited data recipient can ask for information from a data holder for a specific purpose and time period. One example of an accredited data recipient is an organisation offering the streamlining of finance applications or budgeting tools.
  • How do I manage my data sharing arrangements?

    You will have access to a data sharing dashboard, where you will be able to manage all the details of your authorisations for your data sharing consents. You can access your data sharing dashboard via your Internet Banking login, by clicking on the Open Banking icon. This will redirect you to your data sharing dashboard.

    Your data sharing dashboard, will enable you to review the consents you’ve given to accredited data recipients and withdraw your authorisation for us to share your data.
  • Who’s implementing and regulating the Consumer Data Right?

    Consumer Data Right is regulated by the Australian Competition and Consumer Commission (ACCC), the Office of the Australian Information Commission (OAIC) and the Data Standards Body.

    The ACCC enforces the rules, provides accreditations and monitors compliance. The OAIC will lead on matters relating to the protection of individual and small business consumer privacy and confidentiality and compliance with the CDR Privacy Safeguard Guidelines. The Data Standards Body develops the standards that prescribe how data is shared within the system.

    CDR privacy safeguards — OAIC
    CDR privacy and security — OAIC
  • What data can be shared?

    The data that you can share includes:

    • Member data
    • Account data
    • Transaction data
  • How will the data sharing authorisation process work for a joint account?

    The only difference between the authorisation of consents process for a joint account is that all owners of the account will receive an SMS notification to advise of the authorisation to share. The initiating member (Member A) will receive an SMS to confirm they’ve agreed to share data, and joint account holder (Member B) will receive an SMS notification to state that Member A has authorised us to share data on the joint account.
  • How can I change the sharing permission for a joint account?

    All joint accounts will be set to pre-approved by default (this means data on the account is available for sharing). You can change the sharing permission of your joint accounts by selecting the Accounts icon at the bottom banner in your data sharing dashboard and selecting the joint account/s to change sharing permission from Pre-approved to Do not share.

    If a joint account holder requests the sharing permission of the joint account to be changed from Do not share, to Pre-approved, we will ask the other joint account holders if they would like to approve the change. If all joint account holders have not approved the change within 48 hours of the request, the joint account will remain on Do not share permission. If all other account holders approve the request within 48 hours, the sharing permission on the joint account will be changed to Pre-approved.
  • How can I view the status of my current and historical data sharing authorisations?

    Information about data sharing on your accounts, is set out in your data sharing dashboard, located in Internet Banking.
  • How can I change notification settings on my joint accounts?

    Each joint account holder has the option to turn notifications on/off via their data sharing dashboard. It’s also possible to change the frequency of notifications by going to the Settings icon on your data sharing dashboard. This will only change the frequency for you and will not affect the frequency of notifications for the other joint account holders.
  • If I’ve authorised sharing of my data, why isn’t People’s Choice sharing it?

    There may be times where your situation has changed or the details you have with us may need updating. You can check your data sharing dashboard to see what consents are active and those that have expired, or you can send a Secure Mail via Internet Banking or call us on 13 11 82.
  • What is the data sharing dashboard?

    The data sharing dashboard allows you to securely view, withdraw and modify your current and historical data sharing arrangements. You can access the Open Banking dashboard through a link in People’s Choice Internet Banking. Your mobile number will need to be correct for you to access your data sharing dashboard.
  • How can I withdraw authorisation to share?

    You can withdraw any authorisation to share on your individual or joint accounts via your data sharing dashboard by selecting Stop sharing. This will mean that no further data will be shared to the ADR from this consent. Alternatively, to withdraw an authorisation to disclose your data you can contact People’s Choice via secure email within Internet Banking or by visiting a branch or calling the National Contact Centre at 13 11 82 .

    A consent can only be withdrawn with the relevant accredited data recipient by the individual who created it. If withdrawn, the consent will no longer be active and will only appear in archived consents on your data sharing dashboard.
  • How long will you share my data?

    When you authorise us to share your data, you will have two options - you can choose to share data on a single occasion or for an ongoing period (maximum of 12 months). However, when you no longer wish to share the data, you can withdraw your sharing arrangement by either contacting the third party you initially started the process with (the accredited data recipient) or you can withdraw your authorisation to share by using your data sharing dashboard, which can be found via Internet Banking.
  • How do I confirm that I have successfully authorised the sharing of my data?

    Once you have completed the last step of the authorisation process you will be sent an SMS confirmation. You can also access a PDF receipt via your data sharing dashboard. Your data sharing dashboard can be viewed by logging into Internet Banking and clicking on the Open Banking icon.
  • Am I able to add or remove accounts from an active data sharing arrangement?

    Yes, but only if you elected to share your data for longer than 24 hours and that period has not expired (i.e. the consent is still 'Active'). You can contact the third party you started the process with (the accredited data recipient) to amend your existing data sharing arrangement.  
  • Am I able to reactivate an inactive consent arrangement?

    No. You will need to complete the consent process again with the accredited data recipient that you want to share data with. 
  • Can I get my data deleted after I have shared it?

    If you decide to withdraw your data sharing arrangement, you can contact the third party you started the process with (the accredited data recipient) and request they delete your data from their records.  
  • Is People’s Choice an accredited data recipient or data holder?

    People’s Choice is a data holder under the Consumer Data Right (Open Banking). We are not currently an accredited data recipient but may apply to become accredited in the future. If we decide to do this, we’ll communicate this to our members.

    To become an accredited data recipient, it’s necessary to satisfy strict requirements and specific security standards, which ensure the ongoing security of your data.

    To remain an accredited data recipient, it’s necessary to maintain accreditation by complying with a number of ongoing obligations. An accredited data recipient can also be a data holder.
  • What is a secondary user?

    A secondary user is an authorised signatory or power of attorney.
    To share data, a secondary user must be enabled by the account holder.
    This can be done through Internet Banking.
  • How can I view secondary user permissions?

    You can access Secondary user permissions via the ‘Settings’ menu of the data sharing dashboard by selecting Secondary user permission.
    Here you can view, enable, or disable the data sharing privileges of a Secondary user.
  • How can I enable/disable a secondary user?

    All Secondary users are set to ‘Disable’ sharing status by default. 
    The account holder will need to enable sharing privileges for a secondary user to share data.
    You can access a Secondary user via the ‘Settings’ menu of the data sharing dashboard by selecting Secondary user permission, here you can enable or disable sharing privileges of a Secondary user.
  • Can I enable/disable an account within a consent created by a secondary user?

    Yes, as the account holder you have full control of the data being shared.
    To enable or disable, enter the data sharing dashboard and click on Manage next to the consent you’d like to change, move the toggle to either disable or enable to control the data being shared.
    Please note if you disable the account, this will stop the sharing of data from that account while keeping the consent active, any additional accounts within the consent will continue to share as long as they are enabled.
  • What happens when I remove Signatory or Power of Attorney on my account?

    When a Signatory or Power of Attorney is removed from an account and they were also be removed from the account as a Secondary User.
    Unexpired data sharing arrangements initiated by them will continue to be active, but data from the account from which they have been removed will no longer be shared with the Accredited Data Recipient.
  • Who is a Nominated Representative?

    A Nominated Representative is a person who has been enabled by the Business Representative (Business Signatory) via the Consumer Dashboard within Internet Banking to share data on their business accounts. These users are also required to meet eligibility criteria.
  • As the Business representative how can I view and manage Nominated representatives?

    Access the list of Nominated representatives via the ‘Settings’ menu of the data sharing dashboard by selecting Nominated representative.

    Here you can enable or disable Nominated representatives if you are a Business representative (BSG or GNT) on the account. This functionality allows the Business representative to select who they would like to grant data sharing access to.
  • Can I enable/disable an account within a consent created by a Nominated representative?

    Both Business representatives and Nominated representatives can enable or disable sharing on an account within a consent created by another Nominated representative.

    To disable, enter the data sharing dashboard and click on manage next to the consent you’d like to change, move the toggle to disable to stop the data being shared with the Accredited Data recipient.

    To enable, move the toggle to enable to allow data to flow to the Accredited Data recipient. Please note if you disable the account, this will stop the sharing of data with the Accredited Data Recipient while keeping the consent active which will ensure any additional accounts within the consent will continue to share as long as they are enabled.

    Only the Business representative or the Nominated representative that created the consent can fully withdraw the consent.

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