Welcome to the Fear and Greed Daily Interview. I'm Sean Aylmer. We've spoken before about open banking. Open banking gives you the ability to share your own bank data with third parties, making it easier to switch products or banks and get products that are more suited to you. Australia's been doing a phased introduction of open banking, also known as the Consumer Data Right, or CDR. It's also created opportunities for FinTech entrepreneurs to make some waves in the banking sector. One of those is Jill Berry, the Chief Executive Officer and Co- founder of Adatree, who recently signed Australia's largest bank and FinTech partnership with more than 25 banks and Credit Unions to enter into Consumer Data Right. Jill, welcome to Fear and Greed.

Welcome to the Fear and Greed Daily Interview. I'm Sean Aylmer. We've spoken before about open banking. Open banking gives you the ability to share your own bank data with third parties, making it easier to switch products or banks and get products that are more suited to you. Australia's been doing a phased introduction of open banking, also known as the Consumer Data Right, or CDR. It's also created opportunities for FinTech entrepreneurs to make some waves in the banking sector. One of those is Jill Berry, the Chief Executive Officer and Co- founder of Adatree, who recently signed Australia's largest bank and FinTech partnership with more than 25 banks and Credit Unions to enter into Consumer Data Right. Jill, welcome to Fear and Greed.

Hey, Sean. Thanks for having me.

Hey, Sean. Thanks for having me.

Can you give me a quick 1-0- 1 on open banking first up, please?

Can you give me a quick 1-0- 1 on open banking first up, please?

Yeah. Open banking, it's a regulated data sharing ecosystem where the consumer has total control of their data, and you actually own it. So historically, all the transaction data, all the account data, everything about you, it would be held by other companies, and they thought that they owned it. But now this regulation says that it's yours, and you can send it to whoever you would like to in a really closed ecosystem. So, if you think about it practically, if you want to switch an account, even take all of your pays and your banking history with you, your bank definitely would not share it with a new one. But now, with this new regulated ecosystem, if you wanted to share all of your details in a few clicks and totally securely with a new provider for, say, a new home loan or switching, you can just do it in a few clicks. So, ultimately you can get better services, decreased friction, and you can get more choice.

Yeah. Open banking, it's a regulated data sharing ecosystem where the consumer has total control of their data, and you actually own it. So historically, all the transaction data, all the account data, everything about you, it would be held by other companies, and they thought that they owned it. But now this regulation says that it's yours, and you can send it to whoever you would like to in a really closed ecosystem. So, if you think about it practically, if you want to switch an account, even take all of your pays and your banking history with you, your bank definitely would not share it with a new one. But now, with this new regulated ecosystem, if you wanted to share all of your details in a few clicks and totally securely with a new provider for, say, a new home loan or switching, you can just do it in a few clicks. So, ultimately you can get better services, decreased friction, and you can get more choice.

So, for me, when I think about open banking, it's actually about the ability to switch providers. I think the great advantage of it is with a couple of clicks, I can actually get all my information transferred as opposed to going through reams of paperwork.

So, for me, when I think about open banking, it's actually about the ability to switch providers. I think the great advantage of it is with a couple of clicks, I can actually get all my information transferred as opposed to going through reams of paperwork.

That's exactly it. Instead of finding your superannuation, getting letters from your employer about your salary, downloading statements, downloading PDFs, having a stat dec, anything like that, you'd share it digitally and in a few clicks. So, it's faster, less work for you, but also it's way more secure. So, there's not companies just having copies of your data all over.

That's exactly it. Instead of finding your superannuation, getting letters from your employer about your salary, downloading statements, downloading PDFs, having a stat dec, anything like that, you'd share it digitally and in a few clicks. So, it's faster, less work for you, but also it's way more secure. So, there's not companies just having copies of your data all over.

Okay. So, what's it mean for the bank or the provider? Presumably, they're going to have to pick up their game somewhat if it's easier for me to compare.

Okay. So, what's it mean for the bank or the provider? Presumably, they're going to have to pick up their game somewhat if it's easier for me to compare.

Absolutely. So, there's two aspects to open banking. So, it's essentially like throwing a ball and catching it. So throwing a ball, it's like that's the data holders. So, basically, the companies that you bank with, or you have your energy with, they're considered data holders, so they have to make your data sharing available. And then, the companies that are essentially catching the ball, receiving the data, they're regulated as well. And they have to essentially have connections to all the banks. They have to reach a whole lot of technical and security requirements because if they're receiving your data, ultimately, you want them to be secure as well. So, they absolutely have to up their game and view it as a competitive advantage, not just a compliance project.

Absolutely. So, there's two aspects to open banking. So, it's essentially like throwing a ball and catching it. So throwing a ball, it's like that's the data holders. So, basically, the companies that you bank with, or you have your energy with, they're considered data holders, so they have to make your data sharing available. And then, the companies that are essentially catching the ball, receiving the data, they're regulated as well. And they have to essentially have connections to all the banks. They have to reach a whole lot of technical and security requirements because if they're receiving your data, ultimately, you want them to be secure as well. So, they absolutely have to up their game and view it as a competitive advantage, not just a compliance project.

Yep. Yeah.

Yep. Yeah.

So, there's so many different use cases of what you can actually do to receive the data. And it's just ultimately about better products and services and more competitive choices for consumers.

So, there's so many different use cases of what you can actually do to receive the data. And it's just ultimately about better products and services and more competitive choices for consumers.

Okay. So, where does Adatree fit in this ecosphere?

Okay. So, where does Adatree fit in this ecosphere?

Yeah. So, Adatree, we're a B2B enabler. So, my background is product development, and I love solving problems for consumers, but we actually don't do that here. We like to talk to companies that are FinTechs, payment companies, insurers, banks, companies who actually have the relationship with the consumers, those users. And we do the really hard stuff, the technical, the compliance work to connect to all those banks and give them access to the data sources. So, they can just care about their services and their users, and we do all the hard stuff. So, essentially, we handle all the connectors. We're a secure pipe for them.

Yeah. So, Adatree, we're a B2B enabler. So, my background is product development, and I love solving problems for consumers, but we actually don't do that here. We like to talk to companies that are FinTechs, payment companies, insurers, banks, companies who actually have the relationship with the consumers, those users. And we do the really hard stuff, the technical, the compliance work to connect to all those banks and give them access to the data sources. So, they can just care about their services and their users, and we do all the hard stuff. So, essentially, we handle all the connectors. We're a secure pipe for them.

Okay. So, the deal that you signed with more than 25 banks and credit unions to enter the CDR, that's what that's about. You're kind of doing the backend for all those organisations?

Okay. So, the deal that you signed with more than 25 banks and credit unions to enter the CDR, that's what that's about. You're kind of doing the backend for all those organisations?

Yeah. Absolutely. So, they're leveraging our open banking platform to test and receive data.

Yeah. Absolutely. So, they're leveraging our open banking platform to test and receive data.

Okay. So, open banking, it's been in the pipeline literally for years, and years, and years, though it's only really kicked in in the last 12 or 18 months or so. What's the reaction to it been so far from both the consumers but also business and the providers side of things.

Okay. So, open banking, it's been in the pipeline literally for years, and years, and years, though it's only really kicked in in the last 12 or 18 months or so. What's the reaction to it been so far from both the consumers but also business and the providers side of things.

Yeah. I think that naturally, people are more interested in what's actually happening instead of theory or, of course, reading regulation.

Yeah. I think that naturally, people are more interested in what's actually happening instead of theory or, of course, reading regulation.

Yeah.

Yeah.

So, there's been a number of companies that are accredited to receive data. So, that means that they're regulated, and they meet a whole lot of stringent requirements. So, they have some interesting use cases, whether it's budgeting or opening a personal or a home loan. We've launched one about data for good and about COVID hotspots alerts ourselves. So, there's a lot of companies that are getting ready for it and preparing for their use cases. So, it requires a fair amount of preparation because it is regulated. But on the other side of it, I think as of a few days ago, there was about 91 banks, credit unions, and other providers actually sharing their data. So, there's about 95% addressable market in companies that are making their data sharing available. Now they don't just share the data, it's only when a customer consents to share their data.

So, there's been a number of companies that are accredited to receive data. So, that means that they're regulated, and they meet a whole lot of stringent requirements. So, they have some interesting use cases, whether it's budgeting or opening a personal or a home loan. We've launched one about data for good and about COVID hotspots alerts ourselves. So, there's a lot of companies that are getting ready for it and preparing for their use cases. So, it requires a fair amount of preparation because it is regulated. But on the other side of it, I think as of a few days ago, there was about 91 banks, credit unions, and other providers actually sharing their data. So, there's about 95% addressable market in companies that are making their data sharing available. Now they don't just share the data, it's only when a customer consents to share their data.

Right. Stay with me, Jill. We'll be back in a minute.

Right. Stay with me, Jill. We'll be back in a minute.

My guest today is Jill Berry, the Chief Executive Officer and Co- founder of Adatree. Have customers been jumping on board? It makes sense to me, but I also can understand that some people would have privacy concerns about it.

My guest today is Jill Berry, the Chief Executive Officer and Co- founder of Adatree. Have customers been jumping on board? It makes sense to me, but I also can understand that some people would have privacy concerns about it.

Yeah. We actually get that all the time. So, ultimately CDR is a tool for consumers and the way that their... And consumers share their data right now because they just care about having a problem solved or receiving a benefit. Often, right now, they do it through screen scraping, which is an unregulated password- sharing data mechanism. That's gone away in the UK. That's definitely, I'm sure it will go away in Australia soon, but that's what consumers use right now. Or even upload their PDFs or just manual statements. So, we're definitely finding a higher consent rate with open banking, but there's only a few use cases that are live, so we're in the early adopter stage. But the same way that, remember when debit cards came out with contact lists, and you're like, oh, this is weird. I don't have to enter my pin. Oh, there's no signing. And now we can't even imagine life without it because it's so much easier with tap and go. I think that that's where CDR is actually going. We're in that initial stage when you're like, oh, here's a tool, it's actually much better than what we have right now, but I'm kind of questioning how it works.

Yeah. We actually get that all the time. So, ultimately CDR is a tool for consumers and the way that their... And consumers share their data right now because they just care about having a problem solved or receiving a benefit. Often, right now, they do it through screen scraping, which is an unregulated password- sharing data mechanism. That's gone away in the UK. That's definitely, I'm sure it will go away in Australia soon, but that's what consumers use right now. Or even upload their PDFs or just manual statements. So, we're definitely finding a higher consent rate with open banking, but there's only a few use cases that are live, so we're in the early adopter stage. But the same way that, remember when debit cards came out with contact lists, and you're like, oh, this is weird. I don't have to enter my pin. Oh, there's no signing. And now we can't even imagine life without it because it's so much easier with tap and go. I think that that's where CDR is actually going. We're in that initial stage when you're like, oh, here's a tool, it's actually much better than what we have right now, but I'm kind of questioning how it works.

Yep. Yep. Yep. Yep. Okay. So, what are the eventual use cases do you think for CDR?

Yep. Yep. Yep. Yep. Okay. So, what are the eventual use cases do you think for CDR?

So, I think that there's the natural ones in banking are about making it much easier for you to get access to new loans and definitely refinance. Those are the more simple, straightforward ones. But there is a lot of really interesting ones about switching and making it proactive. So, I get really excited about those. So, it's not just banking, but it's about how can you look at your superannuation, all of your insurance policies as well, because normally if you are looking for a new insurance policy right now, it probably has to do with a life event. Oh, maybe you just bought a dog. Maybe you just bought a house. Maybe you're going on around the world trips, you're looking for a policy. You kind of set it and forget it. So, it's actually quite reactive. You might go looking for it at a certain time, but with open banking, you can share your data on an ongoing basis, and a data recipient can actually just be proactive in the background for you and just say, " Hey Sean, I know that you're with X company right now. Here's a better offer right now. In a few clicks, if you consent, we'll open a new account for you over here, facilitate the switching of funds." So, it's really switching as a service. I think it's taking that life admin out because how many times have people opened an account at the highest rate? And then a few months later they find out that it's actually at a terrible rate. So, unless you're really looking, then you're probably not getting the best rate in market. So, those type of things the CDR can actually facilitate. I think that insurance and loyalty are actually a really big opportunity as well.

So, I think that there's the natural ones in banking are about making it much easier for you to get access to new loans and definitely refinance. Those are the more simple, straightforward ones. But there is a lot of really interesting ones about switching and making it proactive. So, I get really excited about those. So, it's not just banking, but it's about how can you look at your superannuation, all of your insurance policies as well, because normally if you are looking for a new insurance policy right now, it probably has to do with a life event. Oh, maybe you just bought a dog. Maybe you just bought a house. Maybe you're going on around the world trips, you're looking for a policy. You kind of set it and forget it. So, it's actually quite reactive. You might go looking for it at a certain time, but with open banking, you can share your data on an ongoing basis, and a data recipient can actually just be proactive in the background for you and just say, " Hey Sean, I know that you're with X company right now. Here's a better offer right now. In a few clicks, if you consent, we'll open a new account for you over here, facilitate the switching of funds." So, it's really switching as a service. I think it's taking that life admin out because how many times have people opened an account at the highest rate? And then a few months later they find out that it's actually at a terrible rate. So, unless you're really looking, then you're probably not getting the best rate in market. So, those type of things the CDR can actually facilitate. I think that insurance and loyalty are actually a really big opportunity as well.

Okay. So, Jill, native of Niagara Falls, how did you end up founding Adatree?

Okay. So, Jill, native of Niagara Falls, how did you end up founding Adatree?

Yeah. So, it definitely wasn't my plan at all to start a company, but I think it was just right time, right team, and just an incredible opportunity. So, my background is product development. I've helped build two new banks in Australia, and I like to build regulated products at smaller banks. So, with that, I definitely love a new challenge, solving problems and more importantly, executing on it and working with software engineers. So, we are at Volt Bank. I was talking with my co- founder Shane. We are looking at this new open banking legislation. We're like, wow, this is amazing of what it can mean for consumers, especially economy- wide, not just banking. And the technical standards were incredibly difficult. It's kind of similar to building a bank.

Yeah. So, it definitely wasn't my plan at all to start a company, but I think it was just right time, right team, and just an incredible opportunity. So, my background is product development. I've helped build two new banks in Australia, and I like to build regulated products at smaller banks. So, with that, I definitely love a new challenge, solving problems and more importantly, executing on it and working with software engineers. So, we are at Volt Bank. I was talking with my co- founder Shane. We are looking at this new open banking legislation. We're like, wow, this is amazing of what it can mean for consumers, especially economy- wide, not just banking. And the technical standards were incredibly difficult. It's kind of similar to building a bank.

Yep.

Yep.

And there was no solution out there. So we're like, there's such huge benefits, but if there's no easy solution out there, then there won't be much adoption. So, we just decided to essentially quit and found Adatree because we're so committed to the CDR, and we wanted to make it really easy.

And there was no solution out there. So we're like, there's such huge benefits, but if there's no easy solution out there, then there won't be much adoption. So, we just decided to essentially quit and found Adatree because we're so committed to the CDR, and we wanted to make it really easy.

Okay. Something else. You've spoken a lot about the fact that more women are needed in the FinTech industry. Is it getting any better?

Okay. Something else. You've spoken a lot about the fact that more women are needed in the FinTech industry. Is it getting any better?

The FinTech census has shown that there is a definite increase in female founders and female leadership in fintechs. But I think that it is still pretty rare to find female founders or female leaders there. Even that they have to have female leadership awards that just shows that it's just such a minority in there. So, it's definitely getting better, especially with females finding investment, but it's still nowhere equal the way that it should it be.

The FinTech census has shown that there is a definite increase in female founders and female leadership in fintechs. But I think that it is still pretty rare to find female founders or female leaders there. Even that they have to have female leadership awards that just shows that it's just such a minority in there. So, it's definitely getting better, especially with females finding investment, but it's still nowhere equal the way that it should it be.

I've got to ask, as I read this in the research for this discussion, did you really receive the advice to hire a male CEO?

I've got to ask, as I read this in the research for this discussion, did you really receive the advice to hire a male CEO?

It was definitely suggested to me. Yes.

It was definitely suggested to me. Yes.

Oh. Ouch. What did you say? What did you say?

Oh. Ouch. What did you say? What did you say?

I said, "I think I'm doing a pretty good job. I'll back myself, but thank you."

I said, "I think I'm doing a pretty good job. I'll back myself, but thank you."

Fair enough. Very polite. Jill, thank you for talking to Fear and Greed.

Fair enough. Very polite. Jill, thank you for talking to Fear and Greed.

Thanks for having me, Sean.

Thanks for having me, Sean.

That was Jill Berry, Chief Executive Officer and Co- founder of Adatree. This is the Fear and Greed daily interview. Join me every morning for the full Fear and Greed podcast with all the business news you need to know. I'm Sean Aylmer. Enjoy your day.

That was Jill Berry, Chief Executive Officer and Co- founder of Adatree. This is the Fear and Greed daily interview. Join me every morning for the full Fear and Greed podcast with all the business news you need to know. I'm Sean Aylmer. Enjoy your day.