It’s pleasing to see that the consultation process has commenced for establishing a Consumer Data Right (CDR) in New Zealand.  

The CDR is a regulatory framework allowing consumers to access and share their data with trusted third parties. In New Zealand, the banking sector will be the ‘first cab off the rank’, with other sectors including energy, insurance, and health likely to be included at some point in the future. 

Meeting the requirements of the Consumer Data Right is not a simple task, however, we can learn from our friends in Australia, and across the globe, where versions of CDR have been in place for several years. While there will be similarities to overseas regimes, specific differences are relevant only to New Zealand, such as our Privacy Act obligations and Te Tiriti o Waitangi considerations (including Māori Data Governance principles).

The benefits from CDR are expected to grow over time based on the adoption by consumers, the quality of data available in the ecosystem, and the innovation developed by market participants. Some of the benefits expected over time will be:

Enhanced Competition

One of the primary objectives of implementing the CDR is to foster competition among service providers. CDR will create a more competitive marketplace by securely enabling consumers to share their data with different companies. This increased competition will lead to better products, services, and pricing options for consumers and spur innovation in the industry.

Improved Access and Control Over Data

The CDR intends to empower consumers by giving them greater control over their data. With the CDR, individuals will be able access the data held by businesses and selectively share it with accredited third parties. This increased transparency and control will help consumers make more informed choices about their financial products and services, leading to better financial outcomes.

Encouragement of Innovation and Product Development

The CDR aims to facilitate the development of new products and services through data sharing. Allowing accredited third parties to access consumer data will encourage innovative FinTech companies to leverage this information to create new offerings. This could result in personalised financial solutions, improved customer experiences, and the emergence of innovative business models that cater to specific customer needs.

We're excited about how CDR will shape the future for consumers and businesses, fuelling the prosperity of Aotearoa New Zealand – for the benefit of all New Zealanders.

If you have any questions on how KPMG can help you prepare for CDR, please don’t hesitate to contact Greg Scott, Alistair Evans, or Priti Mishra.

View the MBIE Consumer Data Right feedback site here - Seeking feedback on the Customer and Product Data Bill (consumer data right) | Ministry of Business, Innovation & Employment (


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