Commonwealth Bank is applying for accreditation as a data recipient under the Consumer Data Right, betting that open banking will be just as big an opportunity for big banks as fintechs.

So far, accredited data recipients are small players like Frollo and Regional Australia Bank. Customers can authorise data recipients to get their account data from their banks. They can use this data to develop new products and services.

While most commentators assume CDR will increase competition by allowing small financial institutions to pitch for the business of big bank clients, CBA chief executive Matt Comyn said there is plenty of opportunity for big banks as well.

Comyn said: “Open banking will allow us to aggregate a customer’s financial data. The more data you have the more meaningful the insights you can give the customer.”

He said that bank was developing new retail services and partnering with external providers whose products would be integrated into the CommBank app. Under CDR the app could become a hub for a range of connected services.

At the end of November ,the Australian Competition and Consumer Commission amended the CDR rules, extending the types of customers who can use CDR to include more businesses.

Last year, fintech Frollo and IT company NextGen surveyed industry 161 industry leaders to find out where the opportunities lie. Respondents included bankers, lenders, fintechs, brokers, IT providers and consultants.

Use cases respondents said were promising included compliance, credit scoring, personal financial management, transaction reconciliation and personalised pricing.

Respondents said their goals for investing in open banking included improving the customer experience, product innovation, meeting changing demand, optimising processes and compliance.

The KPIs respondents said they would use to measure the success of open banking initiatives were customer satisfaction, new customer acquisition, customer retention and meeting compliance requirements and making savings.