ANZ has announced a strategic investment partnership with local start-up Data Republic to gain access to data-sharing environments.
Data Republic offers a “data control centre” to organisations for the storage, categorisation and sharing of data.
ANZ aims to begin using the cloud-based platform from the end of March to share data with third parties while maintaining its governance and auditing frameworks.
ANZ’s chief data officer, Emma Gray, believes that the platform could help ANZ deliver positive consumer outcomes.
“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,” Ms Gray said.
“This partnership allows us to get more out of the data we already have, but in a safe and secure environment that provides the highest levels of governance.
“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.”
Data Republic CEO Paul McCarney expects the partnership to allow ANZ to manage risks associated with open banking.
“We are very excited to welcome ANZ as both a strategic investor and technology client,” Mr McCarney said.
“ANZ clearly understand the importance of secured data sharing practices in today’s data-driven economy.
“This partnership is about ANZ investing in the right technology to future-proof their data collaboration capabilities and will ultimately position ANZ to overcome many of the challenges and potential risks associated with open data, data sharing and the federal government’s recently announced open banking reforms.”
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