Introduction

The Consumer Data Right (CDR) was launched in 2020 and continues to grow as more providers become accredited and more sectors become involved. Last year, the federal government made changes to the open banking regime to facilitate increased participation in the data-sharing arrangements effectively allowing clients to share their open banking data with trusted professional advisers, including financial advisers, accountants, tax agents, mortgage brokers, or financial counsellors.

The Financial Adviser Industry has been slow to embrace the benefits of the open banking system. But as CDR is opening up to more industries and more organisations are becoming accredited, participating presents exciting opportunities. Once accredited, and with consumer consent, Advisers will be able to receive and leverage real-time data, using it to create new and better products and innovations in their client service and advice offerings. It will mean more personalised experiences for clients and more streamlined and efficient processes for businesses. Financial Advisers should be thinking now about how to take advantage of CDR. This report outlines the background to CDR, the steps involved to prepare for accreditation, and the benefits for Advisers that are early adopters.

About Moneysoft

Moneysoft is an Australian-based, international fintech supplier to financial planners, money coaches, wealth management and retirement funds. Our technology helps significantly improve the financial wellbeing of individuals, advised clients and fund members, with solutions for Personal users, Small-to-Medium Business, and Large Enterprise.

Moneysoft PFM is ideal for financial planners and money coaches looking for client portal, digital onboarding and ongoing digital servicing capabilities. Data from cash, savings, credit card, loan, mortgage, superannuation, and brokerage accounts, plus manual uploads and more, are automatically combined into a complete picture of household wealth and cash flow. Includes powerful features such as fact find, goal tracking, cash flow modelling, advanced reporting, and a range of third party system integrations.

Moneysoft Round Ups is a product-independent micro-investing mobile app, perfect for wealth and superannuation funds looking to gain an edge in member acquisition, member engagement and growth of funds under management.

For developers, complete APIs are available across our platforms to support integrations and advanced solutions, either stand-alone, or embedded within existing applications.

A broad range of configurable add-ons allows subscribers to differentiate their offering, while our cutting-edge client engagement, automatic data collection, and out-of-the-box integrations deliver advanced process automation and significant efficiency gains.

Moneysoft is currently working towards unrestricted Accredited Data Recipient status within the Australian Consumer Data Right regime by the end of calendar 2022. This will further enhance our offerings and allow us to sponsor customers to take advantage of the Trusted Adviser and other Consumer Data Right access models.

We also offer a no-obligation, free, and full-access 30-day trial, so why not go ahead and give Moneysoft a try.

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"Ahead of the Curve" solutions for Small and Large Enterprises.

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