Australian Financial Review, Aug 29, 2016
Westpac Banking Corp says data sharing between companies, individual consumers and governments can provide “immense value” to society and has told the Productivity Commission it can help the economy to take advantage of the opportunities.
Westpac has also launched a new data management platform called Databank, which will securely store identity information for companies sharing data through Data Republic, a start-up in which Westpac holds an equity stake through Reinventure Group.
While recognising that privacy and security of customer personal information is of “paramount importance”, Westpac told the Productivity Commission that “there are opportunities to enhance the effective use of data and related insights across both the public and private sectors to the benefit of consumers, businesses and the broader economy”.
Read Data Republic CEO, Paul McCarney’s statement on launch of Westpac’s Databank