What is a data holder?
Data holders are data givers under the Consumer Data Right (CDR). These are the providers who currently hold consumer data. Registered Data Holders are required to share customer data with a nominated accredited data recipient when a customer directs them to.
What is an accredited provider?
An accredited provider is one which has successfully undergone the Australian Competition and Consumer Commission (ACCC)’s accreditation process to become an Accredited Data Recipient (ADR).
Data recipients are data receivers under the Consumer Data Right (CDR). These are the providers who receive a consumer’s data after the consumer has given their consent. The data recipient will then use this data to offer a service the consumer has requested (e.g. comparison of products).
Only accredited providers can operate within Open Banking and offer services under CDR.
Is BOQ becoming an Accredited Data Recipient?
BOQ becoming a Data Holder in late 2021 sets the foundations required for us to become an Accredited Data Recipient (ADR) in 2022. As an ADR, BOQ can realise the benefits of data sharing and analytics to obtain valuable insights, better understand our customers’ needs, and offer more tailored products and services. This supports our vision “to be a Digital Bank of the Future with a Personal Touch”.
How do I know who is an accredited provider?
Consumers can confirm if a provider is accredited by looking for the logo on the right, or by viewing the list of current accredited providers on the official the Consumer Data Right (CDR) website.
As CDR has just been launched in Australia, there are currently only a limited number of accredited providers. As CDR grows over time, more and more providers will become accredited.
How safe is it to share my data?
Many precautions have been factored into the Open Banking data sharing environment, such as:
Do I have to share my data?
There is no obligation for you to share your personal data. Open Banking is an opt-in service, so the choice is completely yours. When choosing to share your data, you have control over:
- Whether you want to share your information or not
- What information you wish to share
- The specific purpose for which your data will be used
- Who you share your information with
- When you want to stop sharing your information
Also, if you do decide to share your data, you are able to revoke your consent on this data sharing at any stage.
What data can I share?
Individual and sole trader customers are currently able to opt-in to share data for most of the following account types:
- Savings and transaction accounts
- Term deposits
- Credit cards
- Personal loans
- Home loans and mortgage offset accounts.
Other account and customer types (including joint accounts and business products) will be made available progressively through 2022.
To authorise and manage sharing for accounts available in BOQ internet banking or the BOQ mobile app, please login using your Customer Access Number (CAN).
To authorise and manage sharing for accounts available in the myBOQ app, please login using your mobile number (10 digits).
Please note:
- Changes in your customer and account data (including balances and transactions) may only be made available for sharing after 24-48 hours. Changes in credit card data are generally made available as they occur.
- The following products were made available to share from 9 March 2022, excluding any transactions on the accounts prior to that date. Any historical transaction data will be made available by the end of March 2022. To ensure your data recipient is able to access historical data, you may need to grant a new consent after this time.
- Personal loans
- Home loans and mortgage offset accounts.
- Transaction data for credit cards will be available from April 2022. To ensure your data recipient is able to access transaction data, you may need to grant a new consent after this time.
How do I share my data?
Please note that to be eligible to participate in data sharing, you must:
- be at least 18 years of age, and
- hold at least one open and online account with BOQ, BOQ Specialist, VMA or DDHG
- The process will start on an accredited provider’s website or app. The whole process takes less than two minutes.
Data sharing will start on an Accredited Data Recipient’s (ADR) website or app, where you may be asked if you wish to share your data while browsing for a service or product. If you consent to data sharing, your identity will need to be verified by BOQ before we share any data. You will be directed to BOQ’s Data Holder services platform and prompted to enter your customer ID. You will then be sent a One Time Password (OTP) to your mobile or email. When the OTP has been successfully entered and your identity verified, you will be prompted to choose the specific accounts you consent for data sharing, before being linked back to the ADR site where you may begin using your shared data.
How do I manage data sharing for my account(s)?
Once you have authorised sharing of your personal data, you will receive access to your Customer Dashboard. Through this dashboard, you are able to view each of your data sharing consents, including the accredited providers that you have consented to share your data with, the specific accounts shared with each provider, and the time period you have nominated for each data sharing consent. You are able to and easily manage your consents through this dashboard.