ANZ Banking Group has become the final major Australian bank to land data accreditation under the federal government's consumer data right (CDR) scheme.
The bank joins the CBA, Westpac and NAB in becoming an accredited data recipient, just in time for an expansion of its digital home loan product.
An ANZ spokesperson told iTnews the accreditation, which was obtained late March, offers the bank opportunities to explore "a variety of use cases to help our customers improve their financial wellbeing, which aligns to the progress we’re making in ANZ Plus."
“We’re excited about the opportunities this presents,” the spokesperson added.
ANZ has been gearing up to expand its digital home loan offering which entered beta testing late last year.
Alongside its beta testing announcement, the bank said it intended to launch the product in the second half of 2023.
At the time, managing director for ANZx design and delivery Peter Dalton said the bank hoped to secure "20 or 30 percent of the [addressable] market within the first 12 months" of public launch.
Its digital home loan launch is tied to it receiving CDR accreditation as part of phase two of the ANZ Plus platform rollout.
In 2021, ANZ partnered with fintech Frollo for its gateway technology to manage customer consent and receive financial data from other data holders under the CDR.
Frollo announced on Wednesday it had also partnered with another bank, P&N Group’s BCU Bank division, to launch a personal financial management app called ‘mymo by BCU’.
