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Open Banking featured product announcement

Why we’ve launched in Australia

When we started Bud, we did it because we believed that it should be easier for everyone, everywhere to be good with money. Open Banking in the UK gave us the opportunity to take huge steps forward towards that goal and the Consumer Data Right in Australia offers that same opportunity. So we’re taking it.

We're pleased to announce that Bud is now an Accredited Data Recipient under the CDR after months of work behind the scenes. 

For our global customers, this means we can now support them in the Australian market. For Australian businesses looking to build new services using financial data, it means we can bring our industry-leading capacity to turn messy financial data into powerful customer insights to bear on the problem.

In the short term, we expect to see real growth in three key areas in the market:

    1. Affordability and onboarding - We’ve been working with one of the largest banks in the region for more than a year. With the majority of that bank’s lending now being delivered using our solution, we’ve learned alot about delivering simple, reliable insights that help banks and lenders to understand their customers better and create smoother experiences.
    2. Personal finance and money management - we’ve worked with banks from across the world, helping them to turn messy financial data into useful insights that help their customers get on top of their money. The CDR offers Australian Banks and fintechs alike a great opportunity to deliver new services like this.
    3. Savings and wealth management - Access to current account data offers wealth managers the ability to understand the context of their customer’s finances, to help customers save more and increase assets under management at the same time.

The CDR is a particularly exciting prospect due to the flexible options it provides in terms of data access models. This means that clients can get to market fast by choosing the right model for their use case. 

We’ll be supporting clients by offering access to CDR data through all five of the data models from sponsorship and “appointed representative” models to much lighter-touch arrangements like the CDR insights model. For more on how we can support you to access CDR data, check out our Guide to accessing CDR data with Bud, or grab the guide through the form at the bottom of this.

 

Guide: Accessing Open Banking data under the CDR


Why we’ve launched in Australia

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