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Introducing Open Banking

Open Banking is a new initiative in the Australian Banking industry. Open Banking will allow you to manage your banking across a number of banks and compare products and services between different banks and financial institutions.

You may have seen some third-party services in the market today, which allow you to view all your bank accounts across different banks in one place. Open Banking will act in a similar way, but much more securely – you won’t need to connect your internet banking to share your banking information.

As part of Open Banking, the Consumer Data Right (CDR) – will allow you to more easily compare financial products and pricing by using your real data, rather than estimates. This will reduce the number of forms to fill out, help you manage your budget and stay on top of your accounts across banks, and make it easier to apply for loans or products.

Open Banking gives you choice, control and convenience, and as an opt-in service, sharing your data securely is completely in your hands.

What is Open Banking?

Open Banking gives you the ability to share your banking information with other accredited parties online via a simple, easy to use and automated process.

Open Banking makes it easier for you to manage, compare and switch banking products and services.

Consumer data rights explained

Open Banking is provided and governed by the Consumer Data Right (CDR) legislation, introduced by the Australian Government to give consumers more control over their data and make it easier to:

  • compare products and services;
  • access new and improved services.

CDR is starting with banking, but may soon cover utilities as well.

It enables consumers to share their data with accredited providers via a simple, secure and easy to use automated process.

Sharing your data

You’re in control of your data at all times and can choose to share as much or as little as you want.

To be able to share your data, you’ll need to be at least 18 years of age, be the owner of your account, or have authority to operate on that account, and you must be the sole owner of that account – joint accounts will be coming soon.

You can share as much or as little information as you want to. You can choose to share account balances, the type of account and transaction information, including the transaction amount, date and the description. Transaction information can be used to build a picture of your spending, by grouping transactions into categories like “rent”, “groceries” or “entertainment”.

How we manage your information under the Consumer Data Rights is detailed in our ‘Consumer Data Rights Policy’ available here.

Consenting to share your data

Here’s how to provide your consent to share your data with a service provider.

  1. Check their data recipient status to make sure they are ready to collect your data.
  2. The third party will ask you which bank your accounts are with and what data you’d like to share – remember, you can see and manage this at any time.
  3. Once you select us, a bcu webpage will load where you provide your member number.
  4. You’ll need to verify your identity, using a one-time password. This is provided by bcu via text or you can generate a One Time Password.
  5. Review the request.
  6. Provide Consent to share.
  7. Select accounts which account you want to share data for.
  8. Confirm.
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Once you’ve provided your consent, your data will then be shared with the selected provider, and you can use the provider’s service.

For example, this might be loading your data into bcu’s companion app (powered by Frollo) or another bank’s app, or a third-party comparison website.

You’ll be able to see all your shared banking information in one place, and receive accurate quotes and product comparisons, based on your real data and actual circumstances.

The following products will be available to share:

  • Transaction accounts
  • Savings accounts
  • Term deposits
  • Credit cards
  • Home loans
  • Personal loans
  • Business and commercial products
  • Overdraft accounts
  • Pensioner or retirement accounts

Withdrawing your consent

You can also withdraw your consent to share your data at any time. Follow these steps to remove a service:

  1. Login to Internet Banking and navigate to Services > Sharing. A list of existing or previous data sharing agreements will display.
    • Select “sharing” of the agreement you wish to withdraw your consent from.
    • Scroll the bottom and select “withdraw”.

Privacy and security

Your privacy and security are our highest priority. bcu has comprehensive security measures in place to ensure your accounts and personal information are protected from unauthorised access. 

Your privacy is also protected by our Privacy Policy, which can be found at https://www.bcu.com.au/privacy-policy.

Information and support

To find out more about Australia’s Consumer Data Right, visit the ACCC website at  https://www.accc.gov.au/focus-areas/consumer-data-right-cdr-0 or https://www.cdr.gov.au/how-it-works.

Frequently asked questions

Open Banking is being rolled out in multiple phases.

The first phase required banks to share product data only – such as the product names and features held by bcu and is already complete. No member data was shared as part of this phase.

As part of the next phase, account and transaction data will be provided for savings and transaction products. Lending and credit products will follow next, and then business and commercial products, overdrafts and pensioner or retirement accounts. Sharing of this information will start to roll out throughout the second half of 2021.

Collecting this data has been mandated by the Australian Government. This data will not be shared with any other financial institution until you provide your consent.

Right now, this is only for individual accounts, but joint accounts will be linked in the future.

From early in 2022, you’ll be able to share information from other financial institutions with bcu if you choose and view them all in our companion app (coming early 2022).

Soon. bcu has partnered with fintech company Frollo and will launch a companion app in early 2022. When the app is available, you’ll be able to bring together your data from other financial institutions and third parties, to view them all together in the app. We will be posting more information about this soon.

At this stage you can view this through bcu iBank.

To view your data, navigate to Login > Services > Data Sharing to show a list of your existing or previous data sharing agreements.

To display more information about the data sharing agreement select “Sharing” / ”Withdrawn”.

Your data in only shared as part of an active data sharing agreement, and you can withdraw your consent to share your information at any time.

You can share as much or as little information as you want to. You can choose to share account balances, the type of account and transaction information, including the transaction amount, date and the description.

Sharing your data is entirely your choice. If you are offered a product or service that requires you to share your data, the decision to proceed, or not, will always be yours. We’ll never share your data without your consent.

You can also choose to opt out of sharing your data at any time.

No, you’ll never need to give your bcu iBank password to a third party. If you have chosen to share your banking data with an accredited third party, a one-time password will be sent to you via SMS to your registered phone number to help identify you.

To generate an OTP, after providing your member number, login to Internet Banking and you’ll be promoted to send an SMS to verify your identity. Input your SMS code and once validated you’ll be able to generate an OTP.

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No, there are no fees for sharing or accessing your data, either by us or by another accredited third party.

Under the Consumer Data Right legislation, you will not be charged for sharing or accessing your data either by us or by accredited third party.

At this stage, joint accounts cannot share their data. This feature is coming in the future.

If you have a concern or complaint, please contact us on 1300 228 228 or visit your nearest branch. We’ll aim to resolve your issue on your first point of contact.

Find out more about our complaints resolution process.