How Businesses Can Build Smarter Products with the Consumer Data Right (CDR)

What Is CDR and Why Does It Matter?

CDR is an Australian government initiative that gives consumers greater control over their data, allowing them to securely share it with accredited third parties. The goal is to increase competition, improve transparency, and enable businesses to develop innovative financial and energy products.

Since its launch, CDR has expanded beyond banking into the energy sector, with other industries like telecommunications and insurance expected to follow. Businesses that integrate CDR early will gain a competitive advantage by offering smarter, data-driven services.

For more on CDR and its expansion, check out CDR.gov.au.

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How Businesses Can Use CDR Data to Build Smarter Products

1. Personalize Customer Experiences

One of the biggest advantages of CDR is hyper-personalization. Businesses can use real-time financial and energy data to tailor their offerings based on individual consumer behavior.

Examples:

• Fintech apps can analyze spending habits and suggest personalized budgeting plans.
• Energy providers can track consumption patterns and recommend optimized pricing plans.
• Lenders can assess cash flow in real-time and offer customized loan products.

For insights on using data for personalization, read this Forbes article.

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2. Improve Credit Decisioning and Lending Models

Traditional credit assessments rely on outdated financial statements and credit scores. With CDR, lenders can make data-driven lending decisions using real-time income, expenses, and financial behavior.

How It Works:

• Banks and fintech lenders can instantly verify income and spending patterns.
• Buy Now, Pay Later (BNPL) providers can reduce fraud and improve risk assessments.
• Mortgage lenders can streamline applications by accessing verified financial data.

For a deeper dive into CDR’s impact on lending, check out this article from Allens.

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3. Automate Cost Savings for Consumers

CDR enables automated financial optimization by allowing businesses to monitor real-time data and trigger cost-saving actions.

Examples:

• Bill comparison services can automatically switch customers to the best energy or banking plan.
• Wealth management platforms can adjust investment allocations based on income fluctuations.
• Subscription management apps can detect unused services and recommend cancellations.

Learn more about the power of automation in fintech from EY’s insights.

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4. Enhance Payment and Banking Solutions

With the recent introduction of CDR action initiation, businesses can now go beyond data sharing and perform real-time financial actions on behalf of customers.

New Possibilities:

• Payment initiation – Allow consumers to transfer money between accounts securely.
• Automated savings – Move surplus funds into high-interest accounts without manual input.
• Direct bill payments – Enable customers to automate utility and loan payments via CDR.

For more details on CDR action initiation, visit Ashurst’s analysis.

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How Fiskil Helps Businesses Leverage CDR Data

While CDR presents huge opportunities, integrating and managing CDR-compliant data can be technically complex and costly. Fiskil simplifies this process, offering businesses a secure, scalable API to access financial and energy data without the heavy compliance burden.

Fiskil’s Key Advantages:

✔ Unified API Access: Connect to over 140+ financial institutions and energy providers seamlessly. Learn more. ✔ Action Initiation Ready: Enable automated payments, account switching, and smart financial actions. ✔ Regulatory Compliance: Fiskil ensures full CDR compliance, reducing risks for businesses. Explore our compliance framework. ✔ Developer-Friendly Integration: Fiskil offers detailed API documentation and support. Check our API docs.

By partnering with Fiskil, businesses can accelerate their CDR strategy, improve customer engagement, and unlock new revenue opportunities.

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Final Thoughts: The Future of CDR-Powered Innovation

CDR is not just about data access—it is about unlocking new possibilities in finance, energy, and beyond. Businesses that embrace CDR today will be the ones shaping the next generation of smart, data-driven products.

With Fiskil’s industry-leading API solutions, companies can harness the power of CDR without the complexity, staying ahead in a fast-evolving digital landscape.

Ready to build smarter, CDR-powered products? Let’s talk.