Consumer Data Right: Who Qualifies and What You Get
Learn how you can securely share your personal data with accredited providers to access better financial services and products.
The Consumer Data Right allows you to securely share your personal information, such as your banking details, with accredited third-party providers to help you manage your finances.
Who it's for
This scheme is available to all consumers. If you are an individual consumer looking to gain more control over how your personal information is used, you qualify to use this right.
What you get
Through this right, you gain the ability to share your data—including your banking information—with accredited providers. This process is a core part of "open banking," which is a way for different financial institutions to communicate safely. By sharing this data, you can often access new types of services or better financial products that require a clear view of your existing financial history.
What it costs you
There is no financial cost to using this right; it is free for consumers. However, it does require your time and attention to manage your consent. You are responsible for managing your consent, which means you must actively decide when to grant access to your data and when to revoke it.
The catch to know
The most important thing to remember is to be careful about which third-party apps you authorize. While the system is designed to be secure, the responsibility of choosing a provider lies with you. You should only grant access to apps and services that you have thoroughly vetted and trust with your personal information.
How to apply
- Decide which specific data you want to share and which service you want to use it for.
- Select an accredited provider that meets the required standards.
- Follow the provider's instructions to authorize the data sharing.
- Regularly check your settings to manage your consent and see which apps still have access to your information.