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  5. Great Southern Bank: Using Compliance to Drive Innovation

Great Southern Bank: Using Compliance to Drive Innovation

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29 March 2023
Kieran Hines

Winner of Celent Model Bank 2023 Award for Open Banking

Abstract

The Consumer Data Right Act (CDR) enshrined the principle of data portability into Australian law. This created a compliance requirement for Great Southern Bank, one which would have implications for several areas of its technology stack. Rather than deliver only what was necessary under the regulation, the bank saw the opportunity to extend the project to deliver a series of re-usable components in support of the bank’s growth strategy. The initiative involved a multi-phased open banking compliance program, including the capabilities to support product innovation in line with the bank’s aim to become an Accredited Data Recipient (ADR). In addition, the bank used this project to drive the development of a modern data platform to support innovation across the organisation.

This focus on using CDR compliance to support product innovation across the organisation makes Great Southern Bank a deserving winner of Celent’s Model Bank 2023 award for Open Banking.

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