Title: Digital ID and Consumer Data Right (CDR) in real estate
Jacob Kayner: My name is Jacob Kayner and I'm the President of the Real Estate Institute of Australia. The Real Estate Institute of Australia is the peak industry association representing real estate professionals across Australia.
Tony Kinna: I'm Tony Kinna. I'm head of platform at Ailo. We're a property management software provider. We also have mobile apps which work for renters and investors, and so it's kind of the a complete rental ecosystem.
Jacob Kayner: Right now in real estate agencies a verification of ID is a complex process. Often it requires collecting of multiple documents from prospective renters. Digital ID solves that by avoiding the need to collect and store all of that information.
Title: What issues can Consumer Data Right (CDR) address in regards to the collection of customers information?
Jacob Kayner: The consumer data right solves a lot of problems that have historically existed when collecting financial information. There's been awkwardness in the past between the people that provide that information and the people that collect that information.
Now, what CDR does is subvert that process and give the person collecting the information a guarantee that the person applying has got the financial means to actually take that transaction through to completion.
Tony Kinna: So the way that it works fundamentally is by using the information that your bank already knows about you. So you would have gone through the process of opening a bank account, they would have checked your passport, checked your birth certificate.
And what effectively we're doing in this case is you'll be asked to connect to your bank. You would go into your mobile app, you would authorise that. Then what that enables is us to verify information that we hold, you've given us about you and verify that that match the same as the bank has. And if that's the case, then we know what you've told us is true and we don't need to go through any document checking.
So CDR complements their digital identity piece. So digital identity was all about identifying who you are. The second piece where CDR helps with is helping an agency understand can I afford to rent the property that I'm applying for.
Title: The benefits of using Digital ID and Consumer Data Right (CDR) for real estate agencies and their customers
Jacob Kayner: The benefits of using CDR and Digital ID for real estate agencies are myriad. They solve a lot of issues around data collection, data retention, data disposal, and just security around people's personal information.
It's presented a bit of an issue in recent years, particularly as the threat of cyber incursions is increased and the penalties and risks associated with storing and disposing personal information have skyrocketed. So Digital ID and CDR solve that problem because it takes that responsibility away from the real estate agency.
Tony Kinna: I think the benefits of using Digital ID and CDR for real estate customers, that's both renters and the owners of those properties.
Renters is all about reigning control of my personal information. I don't have to share my birth certificate, my driver's licence, all those sorts of things. I think from an owner's perspective, they want to know that the agency has gone through their due diligence and correctly identified who potentially is going to rent my property and also know that they can afford that property. So I think CDR and Digital ID have, you know, big benefits for both of those customers of a real estate agency.
Yeah, I probably just say, I think when we've spoken to whether it's whether it's renters or whether it's agencies, I think there's a real appetite for a different and better way. I don't think there's something that would have to be kind of pushed on to people. I think people would adopt it, and I think the barriers are kind of operational. I don't see them as anything to do with kind of traveling to persuade people to kind of take this up. And so, yes, I think there'll be people who won't use Digital ID because I don't have a mobile phone and I like paper.
But for I think for the vast majority, I think it's a better way forward. Privacy respecting, saves time, more secure. I think the benefits are clear.
