The ability for New Zealanders to allow the use of their data to enable real-time information on products and pricing has the potential to make us all better off – and your views about how we achieve this are important.
This legislation provides a framework in which customers are given the power to require entities (like banks) to share information. This will unlock the ability for customers to compare products in real time, manage accounts across different providers simultaneously, and switch between providers seamlessly. Providing this power to customers is at the heart of the Customer and Product Data Bill (the draft law) which brings in a consumer data right for Aotearoa New Zealand (CDR).
It is truly exciting to imagine the possibilities that will emerge. The draft law will enable innovators in our economy to develop new products and services and increase competition, which, in turn will benefit customers by leading to reduced prices and improved product offerings.
The Aotearoa / New Zealand landscape is unique. This proposal builds on international experience and adapts it for our unique communities and aspirations. This is a new law for everyone and can create opportunity and improve inclusiveness. Together, this will help us grow a productive, high wage and low emission economy.
Critical to any data sharing is trust. At the heart of this new law is the setting of standards so that customers can be sure that their data is safe, and the parties who are accessing it are accredited as trustworthy, competent, and secure. This is a vast improvement on existing approaches to data sharing, which can pose risks to customers and which may need revisiting.
I congratulate those businesses which have already made great strides to allow customers to use and share their own data in innovative ways and encourage them to continue. Government has an important part to play in facilitating and accelerating the creation of a workable and consistent platform for the sharing of data – but this is work that must be completed in close collaboration with industry participants, consumer and iwi representatives and technical specialists.
The banking sector will be the first cab off the rank for standardised data exchange. In the future we will be looking for areas where the greatest gains can be made for everyday New Zealanders. These may include the energy, finance, insurance, and health sectors.
Our Government is committed to ensuring that customers are informed, empowered, and protected in their interactions with businesses. The release of this draft law represents a key milestone in New Zealand’s journey to a safe and prosperous digital future.
To make sure the regulatory settings do this well, it is important we hear the valuable perspectives on this draft law from all interested parties. I look forward to hearing your views on this essential digital infrastructure for the future.
As the Minister of Commerce and Consumer Affairs, I am pleased to present this draft Customer and Product Data Bill for public consultation.
Hon Dr Duncan Webb
Minister of Commerce and Consumer Affairs