NAB has joined Commonwealth Bank as an accredited data recipient, becoming the second Big Four bank to attain the status.
They were given accreditation by the Australian Competition and Consumer Commission (ACCC), allowing them to take data from accredited holders.
It is a big step forward for Open Banking in Australia, as NAB will join CBA and a host of other fintechs in having the accreditation, which allows them to receive data from other institutions as well as sharing it.
Brokers dealing with NAB will benefit as they can more quickly access documents from banks that have better Open Banking facilities, reducing the time that it takes for customers to submit applications.
NAB were listed last week in Frollo’s breakdown of Open Banking response times. They were the second best of the Big Four and just ahead of the Australian average in terms of the time it took them to provide data on request.
“We’re pleased our submission to become an Accredited Data Recipient under the Consumer Data Right has been approved by the ACCC,” said NAB’s chief innovation officer Howard Silby.
“A competitive and innovative financial services industry is critical to ensuring great customer outcomes, and the growth of the economy more broadly.”
“NAB recognises the value in ingesting data as a key enabler to deliver faster, easier and more personalised products and services to our customers.”
“We know it will take time for customers to develop familiarity, trust and understanding in using Open Banking; we have been developing several customer use cases for Open Banking and we’re employing a test and learn approach to refine propositions that best meet our customer’s needs.
“We’re actively partnering to innovate faster; with international non-competing banks, with big tech and fintechs and looking beyond our domestic peers as the competitive benchmark.”
