A first-of-its-kind veteran-specific financial counselling pilot will be part of a trial using new technology to support secure data sharing.
National military charity Bravery Trust will be part of an Open Banking trial being facilitated by Financial Counselling Australia. The Open Banking trial will operate within strict legislative framework to protect privacy. CARE Financial Counselling Service will also be part of the trial.
Interim CEO Garth Callender said Bravery Trust was committed to exploring new technologies to provide the best possible service, while protecting an individual’s private information.
“We see some veterans waiting five, or even 10 years, before reaching out for help. In the meantime, they could be dealing with marital breakdown, homelessness, and a whole raft of challenges linked to their financial circumstances,” said Mr Callender.
“We’ve evolved our service delivery to provide longer lasting and more holistic support, which has come from the addition of a veteran-specific financial counselling service.
“For us the priority is delivering a best-practice service and we are grateful to have the opportunity work closely with Financial Counselling Australia to ensure that occurs.”
Open Banking is underpinned by the ACCC’s Consumer Data Right (CDR) and facilitates the sharing of financial information between banks and trusted third parties where a client consents. The Open Banking trial will operate within strict the legislative and regulatory framework to protect an individual’s privacy.
Only service providers accredited by the ACCC can use the CDR. Financial counsellors are classified with accountants, lawyers and tax practitioners as Trusted Advisers to facilitate equitable access to open banking where there is a one-on-one relationship of trust between the client and the professional person providing a service.
The Open Banking trial will mean clients can opt to share their bank account or credit card transaction history with a Bravery Trust financial counsellor. This will speed up the assessment process and reduce the burden on clients to provide additional paperwork.
“Many clients approach Bravery Trust in times of great distress with multiple needs emerging at once,” Mr Callender said.
“Locating all their financial information across multiple providers can feel stressful and time consuming – even with a financial counsellor walking beside them and supporting them through the process.
“Open Banking provides Bravery Trust financial counsellors with another tool to ease that burden so veterans can receive the support they need sooner.
