Welcome to the Open Data Economy

Identity is how you build trust and enable innovation

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Thanks to new and evolving legislation such as the Australian Consumer Data Right (CDR), the way we use and access data is changing. Rather than play catch up, winning organisations are moving boldly ahead to take advantage of this massive economy-wide reform. 
How? They are coupling CDR compliance initiatives with a strong, modern approach to customer identity, the result being the deployment of best-in-class Customer Identity and Access Management (CIAM) experiences.

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Accelerating Cloud Modernisation for Financial Services

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IDC's State of Identity in Asia/Pacific 2022

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Open Banking, Open Finance, Open Economy - The New Identity of Finance

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Blog

Open Energy Gives Energy Retailers the Opportunity to Boost Their Security Posture

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Here are the four areas of focus that will help your organisation meet the demands set by CDR:

Four areas of focus that will help your organisation meet the demands set by CDR
  1. Security
    Your obligation to maintain security and privacy doesn’t stop with customer data. You also share data with partners, vendors and accredited third parties. All of this must be compliant with CDR. 
     
  2. Modernisation
    Making changes to legacy data systems and platforms is rarely easy. You will need the ability to build new APIs and customer dashboards, and to consolidate identity platforms. 
     
  3. Customer Experience
    No customer will excuse a poor experience due to compliance constraints such as authorisation and consent management requirements—and why should they? Strong authentication and a great customer experience can coexist.
     
  4. Cost
    CDR specifications will continue to evolve, and that will make it increasingly expensive and resource intensive to maintain in-house systems. Such legacy tech may soon put you at a competitive and cost disadvantage when it comes to attracting data-savvy consumers.

With Okta’s Identity and Access Management solutions, organisations of all sizes and across a range of industries can:

Improve Customer Experience

Create rich customer experiences that delight your end customers whilst remaining compliant with authorisation and consent management requirements.

Reduce Complexity 

Enjoy the freedom to change, adapt and build your customer identity platform as you need, while also retaining the ability to respond to evolving CDR legislation. 

Secure Customer Identity

Keep your customer data protected, while opening up to share information securely with third parties via APIs. 

Open Banking

Financial services is the first sector to have launched under the CDR and the revolution is well underway. Consumers have greater control over their financial data, which stimulates competition. Now smaller institutions such as FinTech startups have a shot at competing against incumbent institutions.

And because identity and authentication are at the heart of Open Banking, Okta is uniquely positioned to be both partner and accelerator.

Okta acts as the Secure Identity Provider, enabling a rich set of customer experience and password-less authentication capabilities:

  • API Access Management
  • Secure customer interactions - authentication and authorisation
  • Identity Management 
  • Financial Services ready ecosystem. The Okta Integration Network partners with leading API Gateway and system integrators

Open Energy

Open Energy is up next when it comes to revolutionising data rights in Australia. 

Customers will gain control over how they access and use their energy data, and receive in-depth insights into their personal energy use. With Open Energy, customers will be able to make better decisions, find better deals, and switch their energy plans accordingly. 

Here are some key dates to remember:

  • By October 2022, Energy providers will be required to share data via API. 
  • By November 2022, Energy providers will need to provide consumers with access to their usage and connection data.

Are you prepared?

Okta helps enable energy retailers to meet their Open Energy obligations. This includes robust, standards-based authentication services that can be easily augmented with MFA. Okta’s customer identity and access management platform, in conjunction with its partners in the Okta Integration Network, also supports the ability to authorise access to data at a granular level. 

This means users need not share all their Open Energy data and can withdraw consent at any time.

Open Telecommunications

The CDR has formally announced its plans to extend into the telecommunications sector. 

Australian customers may be able to lower their Internet and phone bills by better understanding their usage patterns. This will also mean consumers can more easily compare and switch providers.

Open Finance

Open Finance will allow consumers to compare and save across a greater range of financial products covering not only banking, but also general insurance, superannuation, merchant acquiring and non-bank lending service providers. 

The government sees Open Finance as a way to encourage new services that can give consumers a more holistic and centralised snapshot of their financial life.

We needed an identity platform at the height of our cloud ambitions. That's when we discovered Okta Identity Cloud and unlocked a future of unlimited possibility.

Roger Elliott

Senior Manager, Identity and Access Management, AIA Group

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When we were selecting our security solution, we saw that Okta placed a strong emphasis on the user experience. Managing cyber risk is obviously a concern that we need to address, but it’s rare to be able to offer a solution that people really appreciate from a user experience perspective.

Aaron Finnis

Information Security Manager, Beach Energy

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Okta’s products for financial services

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Adaptive Multi-Factor Authentication

Secure your apps and VPN with a robust policy framework and a set of modern second-verification factors.

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Single Sign-On

A single set of credentials gives your people access to enterprise apps in the cloud, on-prem and on mobile devices.

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API Access Management

Your custom apps are increasingly modern with an API backend. Secure enterprise data and enable developers to focus on the user experience.

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Okta for Financial Services

Learn more on identity and access management for financial services. Banks, insurers, advisors, and exchanges trust Okta for identity.

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