US technology giant Salesforce is seeking to exploit Australia’s "consumer data right", investing alongside Westpac Banking Corp and National Australia Bank in open banking platform Basiq, which could provide users of its software with a more comprehensive view of customers' financial position.
Salesforce said its investment was driven by its users - which include Westpac, NAB and ANZ, and other big corporates including Telstra - who are exploring how to use financial data, which customers can access under the consumer data right, to gain new insights that could help them sell more products and personalise experiences.
Some of the major banks are considering how Basiq can help improve loan assessments by tapping real customer spending data, which can help them meet heightened expectations around responsible lending following the Hayne royal commission."
Salesforce Ventures' Rob Keith says financial data is "a huge asset that helps provide insights on customers and provide more personalised products."
For the full story head to the Australia Financial Review.