Consumer data rights aim to shift the balance of power between Australian companies and their customers. The consumer data right (CDR) framework creates rules in relation to account service and product-related information, associated with individual and corporate customers (CDR data). These rules allow customers greater transparency and control over their data.
This director tool aims to outline the CDR framework and highlight some core risks and opportunities boards should consider when assessing its impact to their organisation. The CDR framework can be used to access a great deal of valuable information about customer behaviour and opportunities for product bundling, cross-selling, and the delivery of new information-based services. CDR may not only impact an organisation directly, but also indirectly if other organisations with which it is associated make use of CDR data.Â
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