Open banking data holders need to address issues in their systems to improve consent conversion rates, a review of the current state of the Consumer Data Right concludes. For its latest report on the state of open banking, open banking service provider Frollo collected consent conversion data from users of its consumer app between January and August 2023. It showed that 27 per cent of consent attempts fail on the data holder side, after the consent has been collected by the data recipient. A consent is where a consumer gives a data recipient permission to access their data from a bank or other data holder. Of the big four banks, only one had significantly better conversions than the average, with a failure rate of 18 per cent. Among large data holders, Up had the best performance, with only 7 per cent of consents failing. Frollo surveyed 747 consumers who were not able to link their accounts to find out what happened. Close to half the respondents said they couldn’t log in to their bank. Others said problems occurred after logging in, such as error messages and not being sent back to the Frollo app to complete the account linking. And in other cases, the bank incorrectly indicated that the selected account was not eligible for data sharing. On the issue of data quality, Frollo’s analysis echoed concerns raised by the ACCC in a review earlier this year. The big problem is with product reference data – information such as product names, descriptions, rates and fees. The ACCC said: “The majority of data holders have at least some data quality issues present in their product data, with incorrect interest rates a particularly prevalent and high-impact issue. “Some cases of poor data quality arise from non-compliance, particularly if data holders do not update product reference data in a timely way when terms and conditions of products change (for example, to reflect rate changes).” Frollo said: “Shortcomings in this data hinder the effective use of comparison services.” There are currently 45 accredited data recipients, 31 of them active, and 101 CDR representatives.  One hundred and fifteen banks are data holders, enabling their customers to share data, but only 10 are accredited data recipients, which allows them to provide services using open banking data. Frollo said there are still limited opportunities to access open banking powered products. Most of the banks with ADR accreditation are either not doing anything yet or are running proof of concept. Among the big banks, NAB has been using open banking data in its credit card application process since July this year. Commonwealth Bank recently announced that it will enable open banking data on its mortgage broker lodgement platform.