Fifteen years is a long time in the technology sector. In the financial data space, it represents an entire digital revolution. Long before the term ‘fintech’ became a standard part of our everyday vocabulary, the foundations for secure, reliable bank data sharing were being laid.
SISS Data Services has been at the forefront of this evolution since 2011. The journey from processing physical paperwork to leading the Consumer Data Right (CDR) revolution is a story of persistence, trust, and a relentless focus on data quality.
Our CEO Grant Augustin recently sat down to reflect on this 15-year milestone. The conversation highlighted the personal anecdotes, strategic partnerships, and pivotal moments that transformed SISS from a two-person team in Sydney into a trusted backbone of Australia’s financial data ecosystem.
The shoebox problem that started it all
Q: What sparked the idea of starting SISS Data Services back in 2011, and how did your personal background or experiences shape that vision?
Grant Augustin: SISS Data Services actually has its roots before 2011. The original idea was born out of the frustrations of being a partner in an accounting practice.
One of the biggest problems we faced was how clients supplied their financial information. For many businesses and superannuation funds, records would arrive as loose receipts and paperwork – often literally in a shoebox.
Our team would manually enter that information into accounting systems, which was very time-consuming. They could spend hours processing documents only to find missing records, meaning even longer delays.
That experience made me think there had to be a better way. From that point, the focus became solving the data supply problem for accountants, bookkeepers, and the software they rely on.
Another key realisation was that data quality matters just as much as easy data access. Even if records are complete, inaccurate data still forces accountants to spend time fixing errors instead of doing higher-value work.
I knew first-hand the issues incorrect data creates. When the numbers are wrong, the advice is wrong. And this can have big consequences. For example, you could calculate an incorrect pension amount, leading you to advise someone that they can retire earlier than is actually possible.
That focus on accurate and complete financial data became central to what became SISS Data Services.
Q: Was there a memorable “lightbulb” moment early on that made you realise secure bank data access was a gamechanger for Australian businesses?
Grant Augustin: There wasn’t one single lightbulb moment – it was a series of events that confirmed we were onto something.
The first was when we built our MVP and proved the concept worked. Seeing early users respond positively showed we had created something meaningful.
Another moment came from the relationships we were building with banks before 2011. It became clear we could help solve a problem for both fintechs and banks by creating a trusted way to supply data between them.
A further milestone came when we secured one of our first major global professional services customers: Deloitte. That was the moment our idea had truly become a validated product.
Earning the banks’ trust as a start-up
Q: Getting direct data feeds from major banks like CBA, Westpac, NAB, and ANZ must have required a considerable effort. What was pivotal in making those connections happen, and what did you learn about creating trust in the process?
Grant Augustin: Earning the trust of the banks themselves required immense effort and persistence. Banks rarely opened their systems to small fintech companies then. At the time we had only about five staff, so gaining trust was challenging. Despite that, the banks recognised the value of solving the data supply problem. Their security and compliance processes were rigorous, but they were willing to help us navigate them. Building trust meant demonstrating strong security practices and being transparent about how our systems handled data.
A turning point came when we reached an agreement with the Commonwealth Bank (CBA). As the largest bank in Australia, their processes were extremely rigorous. It took persistence and open communication to demonstrate that we were a trustworthy partner. There had been examples in the market where similar initiatives had struggled, so we started from a difficult position. But CBA was willing to work through the challenges. Establishing that partnership validated our model and helped build confidence across the industry.
Looking back, the willingness of large banks to work with such a small fintech was remarkable and played a major role in bringing our product to market.
Growing through bank referrals
Q: How did you approach building your customer base?
Grant Augustin: We focused heavily on building relationships with the banks. Because we had already done the heavy lifting to establish secure connections with the major banks, fintech companies could connect much faster through us.
As a result, many early customers came directly through bank referrals. Bank teams would regularly introduce fintech companies needing secure data feeds. Those relationships meant we didn’t need a large sales team early on – leads often came naturally.
Q: Was there one customer whose support felt like a turning point?
Grant Augustin: There wasn’t a single customer turning point because once the bank connections were in place, we experienced a rapid influx of customers. Around 2010–2011, many companies were already moving toward secure direct bank feeds rather than manual processes.
Several long-term relationships have been particularly important though, including partnerships with companies such as Intuit QuickBooks and SuperConcepts. Many customers have now been with us for over a decade.
A small team with a big vision
Q: SISS has grown significantly over 15 years, serving fintechs from startups to giants. How have you kept that family-like, personal approach to service at the heart of it all?
Grant Augustin: Growing SISS from a small business to a larger organisation came with challenges. We work with a wide range of clients – from early-stage fintech startups to large global enterprises.
One key decision was hiring people who both understand the industry and are people I genuinely enjoy working with. Running a small business can feel like being in the trenches, so trust within the team is critical.
A story that captures our culture involves our first developer, Andrew. Andrew built the original backend system, and in the early days, it was just the two of us working in Clarence Street in Sydney.
When the phone rang, we would often look at each other to decide who would answer it. Andrew handled many technical support calls but also helped with everyday operational tasks. Those early experiences created the culture of everyone pitching in to help customers. Andrew retired a few years ago but remains a close friend.
Embracing the Open Banking revolution
Q: How did the arrival of CDR and Open Banking change the data sharing landscape for SISS?
Grant Augustin: Secure financial data sharing existed long before Open Banking. Around 30 years ago, BankLink provided direct feeds into accounting software and later became part of MYOB. That was effectively the early form of secure banking data sharing.
Open Banking expanded the concept by creating a standardised framework where all banks could securely share data. We supported the initiative from the beginning and participated in consultations about its development. I can still remember the kick-off meeting in Redfern, with Josh, our Compliance Officer, who is still with SISS today. We have been involved in industry consultations ever since.
Becoming an Accredited Data Recipient under the CDR was a natural evolution for SISS. The company was already used to operating under the strict security and governance standards required by the major banks.
Open Banking also strengthened consumer control of data through explicit consent frameworks. For us, it reinforced the principle that financial data belongs to the customer and must be handled responsibly.
Looking ahead to the next chapter
Q: Looking ahead, what excites you most about SISS’s next chapter? Are there any industry trends you are excited about or fear?
Grant Augustin: The future for SISS is extremely exciting. One major focus is expanding internationally. Our customers increasingly need bank data connectivity beyond Australia, including New Zealand and the broader APAC region.
Artificial intelligence is another major opportunity. AI systems rely heavily on high-quality data, and providing that reliable financial data is where SISS plays an important role.
The expansion of the Consumer Data Right into other sectors will also create enormous opportunities as multiple data sources combine to generate new insights for businesses and consumers.
If you are ready to future-proof your product with accurate, reliable and secure bank data, we are here to help. Reach out to the SISS team today to discuss your data connectivity needs.
