Adatree’s Open Banking Use Case Report has been downloaded thousands of times – it really struck a chord with innovators looking to create smoother and smarter customer experiences through data sharing.
But with the expansion of datasets into several new industries, CDR is no longer limited to Open Banking.
It can now provide the data-sharing foundation for a whole range of powerful new cross-industry digital use cases.
As the leading provider of CDR solutions, we at Adatree are uniquely positioned to see the potential for this new Open X economy. And the possibilities are endless! To illustrate this, we’ve collated 25 cross-industry CDR use cases to illustrate the solutions Open X offers to some long-standing problems.
THE REPORT IS AN EXERCISE IN THE ART OF THE POSSIBLE, EXPLORING HOW THE COMBINATION OF ECONOMY-WIDE DATASETS FROM ENERGY, INSURANCE, INVESTMENTS, LENDING, WEALTH, TELCO, PAYMENTS AND OTHER INDUSTRIES IS ON COURSE TO REVOLUTIONISE THE DIGITAL ECONOMY.
Ready to see the possibilities?
So what is open X?
Great question. There are a lot of terms being used for data sharing – open banking, open finance, open data. ‘Open X’ is our way of referring to cross-industry and economy-wide data sharing.
In Australia, Open X is being facilitated and streamlined by The Consumer Data Right (CDR). It’s not as cavalier as open data, but it’s so much bigger than Open Banking or even Open Finance. Open X offers boundless opportunities for businesses to solve problems and provide smarter solutions for every aspect of a consumer’s life journey.
IS OPEN X REALLY THAT POWERFUL?
Imagine a world where small businesses could guarantee timely payments from clients, your tax deductions were tracked automatically, or the loss of a loved one didn’t include a mountain of admin. With Open X and regulated data sharing, each of those solutions are possible.
Sample Use Case: Government Assistance Finder
SOLUTION PROBLEM: Government assistance programs are only helpful when they’re readily accessible to those they are designed to help. With the huge range of assistance programs available though, it is very difficult for a person to know which programs they’re eligible for.
SOLUTION EXAMPLE: Imani is recently unemployed and wants to understand what social assistance programs she’s eligible for. In trying to understand the available services Imani comes across GovAider, a not-for-profit that aims to match an individual’s eligibility with the relevant government assistance programs. Before CDR, GovAider would simply gather the details of state and commonwealth social support programs and simplify the eligibility criteria for the everyday consumer. But now a consumer can consent to share their data with GovAider to receive more personalised assistance. Imani agrees to disclose her data and receives a) a snapshot view of all the programs she’s likely to be eligible for and b) a recommendation on how to prioritise her applications (as some assistance programs are mutually exclusive). With CDR, GovAider is able to give Imani confidence that she’s receiving the greatest possible government assistance.
To be clear, none of the use cases in this report exist – powered by CDR – at the time of publication, and all names or businesses used are purely fictional. However we would love to see any of them built by a product developer or innovative entrepreneurs. And Adatree is ready to support any visionary with the technical and regulatory requirements of accessing CDR data – whatever your use case, size of company or industry data source.
Ready to explore the possibilities?
Looking specifically for Open Banking ideas?
In 2020 Adatree published our initial report – the world’s most comprehensive exploration into Open Banking use cases: 25 Ways CDR Can Make Smoother and Smarter Experiences. It provides a laser-focus on how to leverage banking data specifically. At the time of publication in 2020, regulators only evaluated the sharing of banking data. But data sharing reforms and legislation have evolved considerably since then to include economy-wide data sharing. Australia is currently leading that initiative.
Want to future-proof your business? Now is the time to join the Open X economy.
Whatever the use case, Adatree enables any company to springboard their Data Recipient journey and accreditation. Our solutions shave months off of design, build and testing timeframes so businesses can focus on designing powerful use cases for their customers.
Adatree offers turnkey Open X solutions, including:
- The most advanced and dynamic CDR data recipient technology in market
- The guidance of Australia’s leading regulatory experts
- Access to The Adatree Exchange – a consortium of third-party, CDR-ready software and solutions providers and the world’s first Open Data marketplace.
Ready to explore how your business could benefit from access to every available data source through one single integration?
Speak to our sales and partnerships team to learn more about Adatree’s CDR platform or to book in a demo.
