New Adatree COO on Open Banking 'tipping point' for brokers

by Mike Wood25 Nov 2021

Open Banking expert Adatree has announced its new chief operations officer, with 18-year industry veteran Alex Scriven taking on the role.

Scriven comes to Adatree after holding tech roles at credit reporting fintech Equifax and at Bendigo and Adelaide Bank.

Speaking to Australian Broker to celebrate his new role, Scriven said that the Open Banking ecosystem in Australia was finally ready to go mainstream.

“I’m very excited to be with Adatree at this point of time,” he said. “Open Banking is at the tipping point that we expected it to reach.”

“A year ago, only the four major banks were on Open Banking, and now we have 93 connected institutions on our system, sharing data.”

“On top of that, we have regulations that are a lot more supportive of companies of all shapes and sizes that participate in Open Banking.”

“A lot has changed and that’s going to help accelerate the uptake of Open Banking and Consumer Data Right (CDR), not just next year but into future years.”

READ MORE: Major aggregator signs deal with Open Banking platform

Scriven said that Adatree was uniquely placed to help the broker channel, as it had been built with the new CDR regulations in mind.

“The reason that I’m so thrilled to be at Adatree is that it is a platform that was built from the ground up specifically for the CDR,” he said. “That might mean nothing to tech people, but it means a lot to me.”

“That’s because the rules that have been put in place are very specific and particular, and have now been loosened to a point where brokers can get involved without being accredited.”

“Large brokers groups and aggregators can integrate this technology and get their brokers’ hands on CDR data that will rapidly accelerate the digitisation of income and expense collection in their market.”

“Adatree are a tech partner that takes away all the heavy lifting associated with the tech infrastructure that you need to get up and running in CDR.”

What brokers need to do to get ahead with Open Banking

“They’re tech experts and, effectively, companies like mortgage franchises and aggregators, can completely outsource all of the expertise required to get their hands on the data.”

“That allows them to focus on what they do well, which is making sense of the data and having good customer conversations. We can take care of the regulatory thinking.”

“The other thing that excited me is that Adatree have systematised the way that we consult and move a company through their understanding of CDR and the regulations.”

“Previously, regulations were tight, but now they’ve been loosened. What Adatree does is understand the business, understand what tech they have in place and then recommend a rapid process whereby they can start consuming data right away.”

“We have some customers who start within weeks and others that want to take a longer road so that they can be more accredited. There’s something for everyone in the Adatree approach. That’s why I’m so excited to have joined.”