How automation can help banks with their CDR obligations

Asia's Tech News Daily

automation, bank, banking, banks, finance, fintech, services, CDR, Andy Mellor, Kofax

Consumer Data Rights (CDR) on the agenda.

With the 2021 Federal Budget completed, the Australian government has confirmed the allocation of $111 million to increase the uptake of the use of Consumer Data Rights (CDR), starting with the banking sector. It’s a sign the government is taking customer data seriously, and so should the banking sector.

CDR, first introduced in 2017, aims to give Australian consumers improved access and control over their personal data held by organisations. The intent? To give consumers more power and agency when comparing service providers, and to empower them to move between providers more easily if they choose to do so. The CDR rules and standards are intended to increase competition among providers, encourage the innovation of services and hopefully lead to better prices for consumers.

Banking was the first sector to be covered by CDR with major ranks required to comply from February last year. From 1 October 2021, CDR will apply to non-major authorised deposit-taking institutions (ADIs), including non-major banks, building societies and credit unions. Energy and telecommunications will then be the next industries to follow CDR rules.

However, despite the optimism surrounding the initial announcement and obvious benefits, uptake of CDR has been slow.

With a new focus on CDR spearheaded by Government, now’s the time for banks and other financial institutions to make sure they’re prepared for this next step. It’s a large task, and many banks have a lot of work to do. To meet the challenge, they’ll need to turn to new technologies, such as robotic process automation (RPA) and other automation technologies.

Automating routine tasks

CDR enshrines the need for data holders to meet the legal and technical requirements to disclose product and consumer data, establish dispute resolution services, keep appropriate records, regularly report, and comply with Privacy Safeguards.

Automation is the logical next step for banks preparing for CDR. RPA programs enable the automation of heavily manual or repetitive tasks without the need to be, or hire, a coding expert. And RPA and other automation systems provide other benefits, outside of preparing for CDR.

Under the CDR, the banking sector needs to securely share customer data with a trusted third party, at the customer’s direction. Automated redaction technology facilitates this security by removing sensitive data that it isn’t appropriate to share. It can also be used to de-identify data to be used for general research purposes.

Australian banks have millions of customers in their care, and automation will play an important role in preparing data for sharing. Equipped with technology like intelligent document processing (IDP), AI-based cognitive intelligence, machine learning and natural language processing, RPA tools are learning and improving while they process unstructured document data to better seek, find and categorise information.

Meeting CDR Expectations

The use of this technology benefits banks and customers. Sorting the mass of data held by banks and preparing it for secure sharing makes CDR compliance easier and means customers will no longer have to pay a “lazy tax” in which they’re charged more for services because moving elsewhere is too complicated.

And for banks, automation means there’s no need for valuable and expensive staff to spend time on the tedious but necessary task of sifting through data entry by entry. Your bank can save on the time and cost associated with manually handling these tasks and engage employees with more creative, fulfilling and strategic work.

Finally, automation means there’s no requirement to outsource these large workloads. There’s less manual handling and information can stay within Australian borders, reducing offshore security risks.

Securing customers’ trust

Because of digitisation, banks hold more customer information than ever, and it’s growing by the day. Automation software prepares banks for CDR requirements, streamlines manually intensive but important work, and frees up resources to be better used elsewhere. A fully scalable solution, automation is flexible enough to handle the variety of workloads and demands likely to be needed by banks seeking CDR compliance.

Andy Mellor, Regional Vice President of Australia at Kofax.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related


Realme GT 2: what we want to see

Read more »

Alleged bullying of Palace staff sparked Kate-Meghan row, Kirstie Allsopp claims

Meghan, Duchess of Sussex used an interview with Oprah Winfrey earlier this year to present an alternative version of the story, claiming it was she who ended up in tears ... Read more »

Wearable tech: Best sleep trackers in three price bands

Sleep is serious business. A Statista report has predicted that the sleep economy could be worth $585 billion by 2024. This sleep economy includes products, services and applications connected to ... Read more »

Samsung Galaxy S21 FE set to arrive in India simultaneously as the global launch: Report

Samsung Galaxy S21 FE launch is rumoured for October 2021 (Image: OnLeaks) The Samsung Galaxy S21 FE could be arriving at CES 2022, which is set to take place next ... Read more »

I cooked steak in a Ninja Foodi and I'll never go back

The best Instant Pots and the array of alternatives, such as the Ninja Foodi range of multi-cookers, are extremely handy kitchen gadgets, as they offer an array of different cooking ... Read more »

6 big features coming to your next flagship Snapdragon Android phone

The Qualcomm Snapdragon 8 Gen 1 chipset is official, and if you’re looking to upgrade your top-tier Android phone next year, it’s likely you’ll find this chipset powering your new ... Read more »

TCL C825 4K Mini LED TV Review: A premium TV that checks all the right boxes without breaking the bank

TCL is one of the most popular TV brands in the world. In India, TCL touts feature-rich TVs at reasonable prices. The company offers a vast range of TVs, including ... Read more »

Wild Rift patch 2.6: New champs Kayle, Morgana, new game mode and more

The last patch for League of Legends: Wild Rift in 2021 has arrived. The new update is jampacked with plenty of new features, including two new champions, a cosmetic upgrade ... Read more »

Paytm Money introduces Portfolio Management Services

NEW DELHI: Paytm Money, the subsidiary of payment solutions provider Paytm, has launched PMS Marketplace for HNI (High Networth Individual) Investors. Paytm Money has launched the marketplace in association with ... Read more »

This is Elon Musk-backed Starlink's first statement after Indian 'government warning'

NEW DELHI: Starlink, the satellite internet division of billionaire Elon Musk‘s rocket company SpaceX, will apply early next year for a commercial licence in India to provide broadband and other ... Read more »

Redditors abuse receipt printer bugs to spread their 'anti-work' credo

Receipt printers at businesses around the world are being exploited to print out ‘anti-work’ manifestos according to reports on Reddit and other social media sites. If the “Great Resignation” trend ... Read more »

This new Raspberry Pi-powered cluster computer is cheaper than a basic desktop

It appears the makers of the Turing Pi cluster board are preparing to ship the next version of the mini ITX motherboard that’ll hold up to four of the powerful ... Read more »

US State Department phones hacked with Israeli company spyware

WASHINGTON/SAN FRANCISCO: Apple Inc iPhones of at least nine US State Department employees were hacked by an unknown assailant using sophisticated spyware developed by the Israel-based NSO Group, according to ... Read more »

Google real estate exec says 5% more workers coming in to office each week

SAN FRANCISCO: Alphabet Inc’s Google has seen an increasing number of employees coming in to its offices each week, particularly younger workers, the company’s real estate chief said during an ... Read more »

Government looking to add cryptocurrencies to tax law

Indians who trade or invest in cryptocurrencies on Indian platforms could come under the taxman’s lens, as might those who hold such coin outside the country. The government is looking ... Read more »

Waymo has tens of thousands people on San Francisco robotaxi waitlist, co-CEO says

Waymo has given hundreds of people robotaxi rides since its test rollout in San Francisco in August, with tens of thousands more residents on a waitlist, the Alphabet Inc company’s ... Read more »

Twitter's design, engineering heads to step down in management rejig

Twitter Inc said its engineering head Michael Montano and design chief Dantley Davis would step down from their roles by the end of this month, as part of a broader ... Read more »

Russia files court cases for fines on annual turnover of Google, Meta

MOSCOW: Russia’s state communications regulator Roskomnadzor has filed cases against U.S. tech firms Google and Meta that could see fines imposed on their annual turnover in Russia, a Moscow court ... Read more »

Facebook whistleblower says transparency needed to fix social media ills

A deeper investigation into Facebook‘s lack of controls to prevent misinformation and abuse in languages other than English is likely to leave people “even more shocked” about the potential harms ... Read more »

China looks to ease monetary policy to help smaller firms

China will cut the amount of cash banks have to keep in reserve to aid smaller firms, the Premier Li Keqiang said Friday, although he didn’t say when the reduction ... Read more »

China's population to peak in 2021 as demographic turning point has already arrived, threatening to disrupt Beijing's economic ambitions

China’s population is expected to peak in 2021 and fall steadily in the foreseeable future in a turning point for the country’s population trajectory, according to James Liang, executive chairman ... Read more »

UK fintech companies to invest £100 million in India: Sunak

New Delhi: British fintech firms have announced investment plans worth over £100 million for the Indian market, UK’s Chancellor of the Exchequer Rishi Sunak said. India and the UK’s respective ... Read more »

Google Photos Locked Folder feature comes to more Android users

NEW DELHI: Google announced the Locked Folder feature for Photos in June earlier this year. It allowed users to hide selected photos and videos from the app’s main grid search. ... Read more »

Prime Minister Narendra Modi says it's time for a fintech revolution

Prime Minister Narendra Modi said on Friday that it was time to convert fintech initiatives into a fintech revolution, to ensure every citizen became empowered financially. The fintech industry has ... Read more »

Arcane's Silco is coming to Teamfight Tactics

Silco, the menacing and villainous Strategist of Zaun, is the first-ever character from Arcane to become a champion in Teamfight Tactics. (Photo: Netflix/Riot Games) The first new character from Arcane, ... Read more »

Sambut window dressing, saham-saham ini paling banyak diborong asing dalam sepekan

© Cheppy A. Muchlis Sambut window dressing, saham-saham ini paling banyak diborong asing dalam sepekan KONTAN.CO.ID –  JAKARTA. Dalam 20 tahun terakhir, Indeks Harga Saham Gabungan (IHSG) selalu ditutup menguat. Salah ... Read more »

Snakes, Stripteases and Cage Dancing: See 12 of Britney Spears' Most Iconic Performances Through the Years

<img alt="<pAhead of being honored with the Millennium Award at the 2016 Billboard Music Awards, Britney performed a medley of some of her greatest hits in an ultra high-energy set, ... Read more »

Govt must regulate online gaming industry: Sushil Kumar Modi

Voicing concern over children getting addicted to mobile games, Rajya Sabha member and senior BJP leader Sushil Kumar Modi on Friday demanded that the government should regulate the online gaming ... Read more »

20 awesome construction toys to add to your holiday list

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. If you’re going to buy one big investment toy this year, ... Read more »

Love it or hate it, TikTok is changing the music industry

Solen Feyissa/Flickr “Tik-a-Tok-a-Who?”, was Adele’s response to her management’s suggestion to promote her music to younger audiences on Tiktok, the video-sharing platform owned by Chinese company ByteDance. “If everyone’s making ... Read more »

An AI-flown military aircraft is being designed in Australia. Are our laws equipped to protect us?

PR Handout Image / Department of Defence In September, Boeing announced it would design and build a new military aircraft in Queensland, a first in Australia for over 50 years. ... Read more »

Microsoft Office has a fresh new look - here's how to update

If you’ve upgraded to Windows 11 and want Microsoft Office to match the look of the company’s latest operating system, then you’re in luck as Microsoft’s visual update for its ... Read more »

Turun 0,35% pekan ini, IHSG akan konsolidasi pekan depan

© Carolus Agus Waluyo Turun 0,35% pekan ini, IHSG akan konsolidasi pekan depan KONTAN.CO.ID – JAKARTA. Indeks Harga Saham Gabungan (IHSG) selama sepekan ditutup melemah 0,35%. Pada perdagangan Jumat (3/12) ... Read more »

DBS CEO says tough for digital banks to gain market share in Singapore

Singapore’s digital banks will find it hard to carve out space in the city-state’s saturated market, said Piyush Gupta, the CEO of DBS Group (DBSM.SI), Southeast Asia’s biggest bank.Online-only banks ... Read more »

The U.S. seized a record $1 billion of bitcoin a year ago. Its value has tripled.

The price of Bitcoin has soared in the year since the U.S. government seized thousands of bitcoins in connection with the illegal Silk Road marketplace. Read more »

The climate crisis could be driving the hybrid salmon population

The climate crisis appears to be increasing the numbers of hybrid salmon in western Canada. The hybrids of Chinook and Coho salmon were discovered in the Cowichan River on Vancouver ... Read more »

New rapid test can measure antibody efficacy against Covid variants, scientists say

Scientists are able to target certain variants for detection, researchers said (Getty Images/iStockphoto) A new rapid test is able to identify how effective a person’s immune system is against Covid ... Read more »

Arthur Labinjo-Hughes: Images show tragic little boy smiling with his mother before she lost joint custody after killing partner

The mother of Arthur Labinjo-Hughes has released photos showing them together and smiling in the years before the six-year-old was killed by his “wicked” stepmother and “pitiless” father. In the ... Read more »

3 reasons why the internet is freaking out about a robot's facial expressions

Another lifelike robot is striking horror into the hearts of humans. Named , the android can convey an impressive range of facial gestures — and people are freaking out. How ... Read more »

Climate Change Is Making Albatross Couples Split Up

Reuters Not all relationships end in “happily ever after,” and birds are no exception. While more than 90 percent of bird species form monogamous couples, many of these will end ... Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic