Australian fintech and data intermediary Adatree has launched a use case report for Open X, providing a whole range of new cross-industry Consumer Data Right (CDR) use cases to illustrate the power of the regulatory data regime and how to help businesses and consumers.
What inspired the development of this product?
Following the success of its banking data-specific Open Banking Use Case Report and the evolution of the regulated CDR ecosystem. Adatree’s new report provides 25 examples of practical CDR use cases that leverage Open X to create smoother and smarter customer experiences. Open X refers to economy-wide and cross-industry data sharing, and encapsulates various industries including Open Banking, Open Finance, Open Energy and many other.
Adatree, the only Open X provider in the world, created the report to show what is possible and explore how the combination of datasets from energy, insurance, investments, lending, wealth, telco, payments & other industries is on course to revolutionise the digital economy. It did this by illustrating how long-standing problems could be solved through CDR apps.
Some use cases Adatree created include how tax time could be made simpler through a tax deduction ‘tracking’ tool that uses your banking data provided through the CDR, a solution that automatically updates your insurance premium based on lifestyle changes, a way for small businesses to gauge the likelihood of timely payments from clients, and even a solution to reduce the mountain of admin from personal affairs left behind from the loss of a loved one.
What is the product offering the consumers?
Jill Berry CEO at Adatree, says: “Adatree was founded to enable companies to access economy-wide datasets. Australia’s regulators have matured from just offering banking datasets through Open Banking to other industries, including energy, telco, lending, superannuation, general insurance & payments. This use case report on Open X to showcase the power and possibilities of the CDR in providing consumers and businesses with solutions.”
“We are commonly asked how businesses can leverage cross-industry datasets, and we are proud to have teamed up to answer this by providing examples to long-standing issues.”
“The CDR has evolved significantly since we first started with the expansion of datasets into several new industries. Through the architecture of the Adatree platform which is ready to access regulated data from any data source, we’re excited for the future in Open X and how, as the only Open X provider worldwide, we can enable companies to bring their use cases to life.”
Adatree enables companies access and leverage Consumer Data Right data via one integration. Adatree’s turnkey technology provides the poles and wires of the CDR so businesses can focus on designing and implementing data-driven powerful use cases for customers and employees.