Australia's Annual Fintech Summit is one of our favourite events on the local fintech calendar. Each year, the Summit brings together the influential, disruptive and innovative fintech companies that are redefining financial services. And in 2022, it delivered another rich program of keynotes, panels and presentations.
The main themes that ran through the summit's program included challenger banking, disruption in the residential home loans market, funding the fintech revolution, open banking, big data, innovation, and the future of fintech.
Click here to view the complete summit program.
Zepto's Chief Commercial Officer, Carolyn Breeze, joined Emily Martin - Assistant Secretary, Policy, Governance and Engagement Branch, Consumer Data Right Division, Treasury - on the Consumer Data Right: Unfinished Business panel discussion moderated by Tim Brookes - Partner, Ashurst.
"With the Consumer Data Right of huge interest right now, this was a very well-attended session that covered a range of areas including consent and the hot topic of action-initiation."
Emily Martin noted that Treasury is working on a consent simplification process with the Data Standards Body with the goal of making the consent journey more intuitive and friendly, as well as getting set for action-initiation.
As an Accredited Data Recipient [ADR] under the CDR in Australia, Zepto has taken a keen interest in understanding how Australian consumers feel about granting 3rd-parties access to their data. So much so that we’ve undertaken significant consumer research into the topic. Some of the findings of that research were published in the September 2022 edition of the Consumer Data Right newsletter.
“Our research revealed that as few as 18% of consumers surveyed were comfortable with the concept of having their personal data shared with third parties. This was driven by their lack of trust about data privacy and security, with some uncertainty about who would have access to their data and potential identity theft."
For Carolyn, there are three key factors in play when it comes to Australian consumers embracing open banking and action-initiation: convenience, trust and utility.
"People will choose convenience every time, provided they trust the brand, and that specific use cases increase the propensity to consent."
Congratulations to Glen Frost, founder of the Fintech Summit for putting on another excellent event. We look forward to another rich summit program in 2023.
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