The Consumer Data Right enables open banking by setting out protections for consumers to safely share their data with accredited, trusted recipients. Once consumers share their data, they can access a range of products and services, whether it be comparison tools for credit cards and mortgages or budgeting tools that help them better manage their finances.

This data-sharing process is only possible if consumers can provide voluntary, express, informed and time-limited consent. As a result, CDR’s Consumer Experience Standards is an important piece of legislation in making open banking a reality. It provides over 100 pages of rules on how this consent should be given, governing everything from standardised consent models and language to the font weighting being used.

Below is a snippet of Basiq’s interpretation of these standards:

Specifically, our consent flow aligns with the rules set out in the Consumer Experience standards and, at a higher level, include:

  • Customer Experience: Standardised language and descriptions for the data being shared.
  • Consent: Notification for when the consumer is being redirected and the ability for the user to select which account(s) they’d like to share data from.
  • Authentication: The use of a OTP (One Time Password) and notification for the duration it is valid for.
  • Right to delete: The ability for the user to withdraw consent at any time, with detail on consequences of the withdrawal.

Importantly, we’ve focused on creating a positive user experience that encourages consumer trust and understanding, yet is simple and easy to navigate. For consumers, the process of consenting and sharing data is simply a stepping stone to accessing a broader range of financial products. As a result, providing all the information necessary whilst ensuring the user is not overwhelmed is vital. Working within the confines of regulatory requirements can make the second part especially challenging.

The design of a CDR Consent flow dictates how consumers experience and understand open banking. For many consumers the consent flow will be their main source of interaction with open banking and CDR legislation. If the Consumer Data Standards are not interpreted in a user-friendly way, there is the risk of confusing and alienating users away from taking advantage of open banking.

With open banking set to be phased in from July, having a CDR ready consent flow is more important than ever. We are working in alignment with CDR’s Consumer Experience Standards as they unfold, so we can have a CDR-ready solution available to our customers as soon as they require it.

If you'd like a full demo of the prototype, contact us here.