NAB progresses its data recipient ambitions

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NAB progresses its data recipient ambitions

Under the consumer data right.

NAB is moving forward with its goal to become a data recipient under the consumer data right, seeking to appoint an overseer for the process.

The national bank recently opened recruitment for a new senior product owner for open data on a "newly created team", according to the now-removed role description.

The responsibilities included "understanding the role of open data/open banking in the financial services ecosystem, understanding the obligations on NAB as an ADR [accredited data recipient, and] ensuring these are met and evolving our capability to meet future needs."

The product owner is also expected to "actively communicate within NAB on how the open data ecosystem is developing and champion the opportunities presented."

NAB is already a data holder under the consumer data right scheme however, is still set to gain its accreditation to receive other institutions' data.

Rival the Commonwealth Bank has been accredited to receive data.

NAB revealed its plans to pursue full accreditation late last year, stating it would use transaction data to improve home lending, credit card applications and income validation.

Head of microservices and open banking Damian Fitzgibbon said at the time there’s “a whole lot of different services and opportunities" the bank is looking to explore.”

“There’s a whole range of opportunities around giving customers an aggregated view of all their accounts, be they NAB-held accounts or with other banks, or being able to unify all their payment details,” Fitzgibbon said.

NAB declined to comment on the new product owner role, or on its progress with accreditation.

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