Open Banking

Find out what Open Banking is, how to manage your data and what the benefits are.

Open Banking is a new system that makes it easier for consumers to share their banking and financial data with organisations accredited by the Australian Competition and Consumer Commission. It’s part of the Consumer Data Right (CDR) which is designed to give consumers greater access and control over their personal banking information across the industry. 

Community First is now a Data Holder under CDR

A data holder is an accredited CDR business that holds consumer data and must transfer the data to an accredited data recipient at the consumer's request. To view a copy of our Data Holder Policy, you can visit our Open Banking information page here.

Simply put, if you have consented to share your data under the CDR, when an accredited data recipient requests your details to help you compare, switch or manage products or services, we will securely pass that information to them.

The choice is yours

It’s important to note that your data will only be used if you give consent for it to be. It is your choice whether or not you want to give a business access to your data and you can withdraw that consent at any time. You can also ask for data to be deleted if it is no longer needed.

Rest assured, the process is very secure, and those businesses who are involved have been through an accreditation process with the Australian Competition and Consumer Commission (ACCC) to ensure that they adhere to high standards.

Managing your data

Through your internet banking channel Community First now provides you with a Consumer Dashboard where you are able to review all your Data Sharing arrangements. You can also request us to stop sharing your data. 

This dashboard is available from within Community First Internet banking by clicking Accounts then Data sharing from the top menu.

For more information

To view more information on Open Banking, including our FAQs, visit our open banking information page.

Open Banking Information page


 


 

Last updated: 1 November 2021

The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.

Community First Credit Union LimitedABN 80 087 649 938 | AFSL and Australian credit licence 231204 | BSB 512-170