ANZ is throwing its weight behind data marketplace Data Republic, making a strategic investment in the startup as well as signing up to access to the Data Republic platform.

Data Republic is also backed by corporate venture capital arms of Westpac and NAB, as well as Qantas Loyalty.

ANZ said it will start using the Data Republic platform from late March to develop greater customer insights and a series of operational improvements.

The platform has been likened to a ‘data sharing control centre’ for organisations to store, categorise and share data while maintaining strict governance and auditing frameworks.

The secure environment allows ANZ to use the platform to share data with trusted third parties and allow the bank to prepare for open banking reforms.

“Using data analytics and insights to deliver better customer outcomes more often is an essential part of how we need to operate in the digital economy,” said ANZ Chief Data Officer Emma Gray.

“This partnership allows us to get more out of the data we already have, but in a safe and secure environment that provides the highest levels of governance.”

“Through the cloud-based platform we will now be able to access trusted experts and other partners to develop useful insights for our customers in hours rather than months.”

Data Republic CEO Paul McCarney said he was excited to welcome ANZ as both a strategic investor and technology client.

“ANZ clearly understands the importance of secured data sharing practices in today’s data-driven economy,” McCarney said.

“This partnership is about ANZ investing in the right technology to future-proof their data collaboration capabilities and will ultimately position ANZ to overcome many of the challenges and potential risks associated with open data, data sharing and the Federal Government’s recently announced Open Banking reforms.

Data Republic is building a data marketplace for the NSW Government which will provide access to a broad range of datasets in a single, searchable location.

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