That's according to illion's general manager of consumer product Richard Atkinson.

"Today we’re six months into CDR, with all of the data from the big four [banks] available," he told Savings.com.au.

"Unless organisations are able to access the data, there will be no consumer benefit."

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Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
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High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
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  • No minimum balance
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Savings Maximiser (<$100k)

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    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
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    Saver Account (<$250k)

    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money
    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking

    Savings Account (Amounts < $250k)

    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
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    • Maximum Age - 24

    Goal Saver

    • Maximum Age - 24
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    No monthly fees
    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    No monthly fees

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    • Download the App to open your account
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    • Deposit $200 per month to activate bonus interest
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    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings

    Bonus Saver Account (Amounts < $250k)

    • No fees or penalties for withdrawing money
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    For customers aged 14-35 years
    For customers aged 14-35 years

    Future Saver Account ( < $50k)

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      Boost Saver

        Important Information and Comparison Rate Warning

        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of February 21, 2024. View disclaimer.

        Open banking, or CDR, allows financial institutions to access customers' data, enabling quicker application processes for products like home loans, as well as for new apps to deliver unique budgeting and savings insights.

        But according to Mr Atkinson, the current CDR framework to become an accredited recipient imposes high costs.

        "In illion’s experience, the current model imposes a significant cost on an organisation to achieve accreditation," he said.

        "What kind of organisations could create innovative solutions for consumers? Financial planners, accountants, brokers - none of these are able to currently do it in a cost-effective manner."

        In just six months, there have been only six data recipients granted accreditation: Ezidox, Frollo, Intuit, Regional Australia Bank, and two illion brands.

        See Also: Five Things You Could Do With Open Banking

        Mr Atkinson also said Australia should learn from the United Kingdom when it comes to blunders in open banking.

        "We know from the introduction of the UK’s open banking model that regulation was a big problem. The UK’s open banking system has been operational for two years now but the legislation and rules haven’t provided a good foundation for it to be really successful," he said.

        "Open banking was meant to revolutionise the banking sector over there [in the United Kingdom], but three years on, the potential has clearly yet to be realised."

        The nitty gritty of CDR

        Illion's commentary comes after the consumer watchdog, the ACCC, proposed further changes to open banking in its third round of feedback. The three key areas covered include:

        1. Increased consumer benefit
        2. Introduction of new accreditation levels
        3. Greater choices for consumers about who they share their data with

        The ACCC has so far only addressed the first area, and the delay means players other than the big four banks might not be able to compete in a meaningful way until 2022, according to Mr Atkinson.

        "The goal of the CDR is to give customers a right to direct that their data be shared with others they trust, so that they can benefit from its value," he said. 

        "To achieve this outcome, the rules framework must balance security and cost of accreditation against facilitated data sharing."

        One of the proposals made by the Government's Inquiry into 'Future Directions for the Consumer Data Right' proposed a tiered accreditation system, which would enable a faster onboarding process.

        The ACCC's latest amendments fail to meet these recommendations, according to Mr Atkinson. 

        "We are now only six months away from all ADIs [banks] having to expose transactional data to the CDR, however the current rules still have a single model for accreditation of organisations to receive CDR data," he said.

        Photo by Duncan Meyer on Unsplash