Shane Doolan is the Chief Technology Officer of Adatree. We spent some time with Shane this week talking to him about Adatree’s technology and how Adatree fits into the Consumer Data Right ecosystem.
Check out the full interview:
We asked Shane, “If you were to summarise what Open Banking and Consumer Data Right (CDR) are to someone unfamiliar with the concepts, what would you say?”
“I would say that Open Banking is part one of the government giving consumers back control of where their data sits, who uses it, and for what purpose. And, as I said, Open Banking is Phase One of that. We know it’s going to energy, telco, and possibly superannuation later on. The main basis is that it’s allowing consumers to get value out of what is essentially theirs—their data. There is no more using your financial data without you knowing who’s using it and for what purpose.”
It is important to realise that Open Banking and the Consumer Data Right isn’t just about banking. Any organisation—energy, telco, superannuation, and many more—will want to access this data to create better products to appeal to their customers.
So how does the Adatree software work and how does the technology fit within the CDR ecosystem?
“The analogy that I keep going back to is that people talk about how data is the new oil. If data is the new oil, then Adatree is the oil well. We help you get the data and help you participate within the Open Banking ecosystem without you having to build the systems to do it. So, Adatree provides you with the software to connect you to the ACCC, to the banks, to fulfill the obligations around the security and infrastructure. You connect to the Adatree API and you get the data out at the other end. So, all of the benefits and none of the burden of participation within Open Banking.”
By “you,” Doolan refers to the accredited organisations that want to participate in Open Banking. With the new CDR legislation, companies may feel uncertain or overwhelmed in how to get started. However, Adatree is there to be their first point of contact, providing them the knowledge and the support when venturing into this new world of regulated data-sharing.
Doolan explains, “An analogy that our CEO, Jill Berry, often gives us is that if you wanted to create a Powerpoint presentation, you wouldn’t build the Powerpoint yourself. This is true for a lot of aspects in the software industry. There are companies that are very good at doing one thing; and if you want that done, then you use their software. Adatree exists to help participants in the CDR by building the software for them to participate, abstracting them away from a changing standard. A very, very complex standard. A standard whose basis can change on a weekly basis. We take away and we carry that burden for you. So, you can enjoy the benefits of participation in the CDR by getting the data and not worrying about how you get the data.”
“All the benefits and none of the burden,” Doolan reiterates.
A comforting line to keep in mind, especially with the aforementioned changing legislation. Adatree has a team of engineers prepared to update the company’s platform to make it readily compliant. The maintenance? The set-up? Those are headaches that Adatree will be relieving for you.
“It’s our core business,” Shane Doolan says, “and it’s in Adatree’s interest to see this ecosystem thrive and succeed. So, the reason Adatree exists is to solve this problem.”