Australia to seize opportunities in Open Banking

The days in which banks, insurers, brokerage and advisory firms – traditionally known as the financial services industry (FSI) – exclusively owns and processes the customers’ data is waning. It is giving way to an age of Open Banking – an era where the FSI must avail customer data to non-bank, third party financial providers (TPPs), which include fintech firms, technology and e-commerce players, payment processors, telcos and even retailers.

While it isn’t a curtain call for the FSI yet, the industry must act now to embrace Open Banking or risk being left behind, and out of the new banking value chain.

Open Banking should not be seen as a threat, rather an opportunity where multiple industries benefit from one another. More importantly Open Banking will empower and give consumers more service options – potentially via 3rd parties – and more control over the way their data is used.

To find out how banks and financial institutions in Australia can seize opportunities in Open Banking, take a look at our report.

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