ANZ has taken a stake in Sydney-based startup Data Republic in preparation for the introduction of new rules governing the sharing of customer account data with third party firms.
The partnership will provide ANZ access to the Data Republic platform, which delivers a ‘data sharing control centre’ for organisations to store, categorise and share data while maintaining strict governance and auditing frameworks.
ANZ chief data officer Emma Gray says: “Using data analytics and insights to deliver better customer outcomes more often is an essential part of how we need to operate in the digital economy. Through the cloud-based platform we will now be able to access trusted experts and other partners to develop useful insights for our customers in hours rather than months."
The investment by ANZ comes just weeks after the Federal Government issued a final report into planned legislative reforms to open up access to banking data by third party providers.
ANZ follows NAB and Westpac's Reinventure fund in investing in the three-year old startup.