Open banking: Set to be a ‘game changer’

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Open banking: Set to be a ‘game changer’

Open banking: Set to be a ‘game changer’ with more power for customers

  • Open banking means the CBA, Westpac, ANZ, and NAB will have to make credit card, deposit and transaction data available if customers request it
  • When the popularity of mobile phones took off in the late 1990s and early 2000s, Australian consumers were stuck
  • Companies owned the actual “phone number” and wanted to go through the hassle of changing it when they switched providers
  • When the popularity of mobile phones took off in the late 1990s and early 2000s, Australian consumers were stuck
  • But in 2001, “portability” legislation changed everything — allowing customers to switch providers
  • Open banking, at the touch of a button, customers can choose to share their transaction data, including their spending history