Understanding the Consumer Data Right Framework

This document is a guide that outlines the Consumer Data Right (CDR) and its implications for businesses and consumers. It explains that CDR allows consumers to request secure sharing of their personal and product data with trusted third parties, enhancing their control over data usage. The guide discusses the legislative context in New Zealand, including the previous government's efforts to introduce the Customer and Product Data Bill. It emphasizes the need for businesses to prepare for CDR, highlighting the importance of technology that supports data sharing and compliance. The document details the challenges posed by legacy systems, including security risks and customer experience issues. It also notes that CDR will facilitate competition and innovation in sectors like financial services. The guide concludes by stressing the importance of data governance, security measures, and customer consent in the successful implementation of CDR, while also referencing international examples from Australia and the UK to inform New Zealand's approach.