$1.5 billion website nobody is using
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8 July 2024 at 2:30 pm #1836722
Brad LockyerKeymasterHave you ever heard of the Consumer Data Right? No, me neither. Apparently, it’s a website that allows users to share their personal info with businesses (at the moment banks and energy companies) in order for said businesses to offer you a better deal and switch accounts.
It was originally introduced by the previous government four years ago as a way to reduce cost of living pressures.
You may be surprised (or not) to learn that despite its super catchy name and obvious privacy implications, not many people have used the website – just 0.3 per cent of all bank customers in fact, as new analysis from the Australian Banking Association (ABA) revealed.
And the banks aren’t happy about it, mainly because they spent a collective $1.5 billion (yes that’s a b) getting the system up and running.
“Australian banks have invested heavily to secure the success of the consumer data right,” ABA CEO Anna Bligh said.
Despite the best efforts of government, regulators and industry, this review makes it clear that CDR has not realised its potential.
The system “is not attracting customers, and not facilitating [data recipients] to innovate at pace, resulting in limited value created – at great costs for banks”.
Worse still, the report says that not only a people not using it, but there doesn’t seem to be any reason for people to use in the future either, risking the whole thing just becoming a big white elephant (if it hasn’t already).
“Four years of ecosystem development has struggled to develop compelling customer propositions. There is no current evidence to indicate that this will change,” it reads.
Time to scrap it completely then?
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9 July 2024 at 7:48 am #1836761
David Ryder
ParticipantMaybe if people knew it existed some may find it useful.
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9 July 2024 at 6:36 pm #1836816
[email protected]
ParticipantI for one have no idear what its for and what its to do for the average person. Its good all this tech but only for those who understand it. So much money is being wasted by govenments who I sometimes think have no idea what the so called intelligent people people in there offices are talking about nor do I feel some of this stuff hasnt been tested before they want to thrust it onto the public. One thing I would like to say is there are a lot of intelligent people in the community that no one once to listen too because they don’t have a degree just life exoerience. You only need to look at the Victorian government about the urgent need for a single site hospital needed for the future of the Wodonga regent (Albury/Wodonga). We dont seem to have people who can see whats going to happen and what will be required in the future. Yes it will cost money now BUT it will cost a lot more in the future, in the mean time a lot of professional people are waring down and patiants will suffer. Pollies get payrises we get crap. I feel that because we are called Albury/Wodong that were not the Victorian Governments responsibility. Other Geelong area the North East is a fast growing area, as we are half way between Sydney and Melbourne. Gough Whitlam had great vision and yet all other governments only saw the next election years, well its time that the older generation and the young ones stood up and let them know where we stand with issues for the future. Sorry for rambling on but this and previous governments only think of Bendigo, Ballarat and Geelong. The rest of us have to be happy with what they dishout to the rest of the state.
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