Consumer Data Right

What EY can do for you

Could your biggest challenge today be how you think about tomorrow?

The Consumer Data Right (CDR) provides individuals and businesses with the right to access specific data relating to them (held by energy retailers) and authorise the disclosure of that information to accredited persons. After being mandated in Australian banking, the energy sector is next in line to be subject to the CDR.

How does CDR impact energy retailers and their customers?

The CDR promotes greater competition and gives customers the power to understand their energy usage; to compare products, deals and more easily switch between retailers. The CDR will accelerate innovation and force retailers to refine their product offerings, pricing models and delivery of services to remain competitive.

By November 2022 for tier 1 and November 2023 for tier 2, energy retailers are expected to be compliant with the CDR across:

• Data sharing capabilities, both technology and business processes
• Data lifecycle management 
• Information security and privacy 
• Uplift to customer engagement and management processes
• The continuous change cycle of the CDR Rules, Standards and Guidelines

Compliance with the CDR requires complex choreography of legal, risk, technology, compliance and transformation teams. Each must understand the regulations, rules and standards, including the unique data and integration, customer management, security, identity, privacy and risk implications.

Our EY Nexus for CDR solution

EY Nexus for CDR helps retailers comply quickly with CDR regulations and standards.

EY Nexus for CDR is a turn-key solution designed to help data holders meet their CDR obligations, including CDR consent, data provisioning, CDR policy and processes, customer experience, privacy, reporting, security, data sourcing and industry testing.

Why choose EY Nexus for CDR to meet obligations?

Depending on where you are on your CDR journey, if you require a comprehensive and ready-to-implement strategy, EY is well-positioned to help Australian energy retailers navigate the complexities of CDR readiness.

Our energy and utilities expertise, proven experience in supporting major CDR programs, and successfully implementing EY Nexus for CDR to help multiple banks meet their CDR deadlines, will help deliver rapid results with measurable business outcomes.

Key benefits of EY Nexus for CDR:

Lessons learned – what can energy retailers gain from the CDR implementation in banking?

Energy retailers are in the advantageous position of having a lead to follow and lessons learned from the implementation of CDR/Open Banking. Understanding the issues faced, the impact on retailers and customers, the flow-on effects to the industry and the benefits of broad, cross-industry access to consumer data will be crucial to CDR compliance and readiness.

Don’t underestimate time, effort and investment
Many banking participants missed the regulated go-live date and experienced significant cost overruns due to underestimating the scale of the CDR implementation. Be prepared to conduct a detailed readiness assessment of your tech, data, business and processes.

Be prepared to do more than compliance
Compliance is the priority, but deriving value from your data is key to future-proofing your organisation. Understanding the potential implications of data access and framing an approach to take advantage of this will be crucial to success.

Think holistically and more than ‘just the tech’
The CDR will impact every aspect of business, from how you acquire customers to the systems and people that manage their journey. Technology to service the need efficiently is crucial but not the only issue to consider.

Appreciate the pace of change and access to resources
The introduction of the CDR comes at a time of significant change and many competing priorities for the sector. The CDR is constantly evolving, and continued compliance requires agility, focus and domain experts to keep up with the pace of change.