Open Banking: Australian & International Perspectives
Banks around the world are increasingly connecting with other financial and non-financial services firms in order to provide differentiated products and services. Meanwhile, regulatory initiatives around ‘Open Banking’ and ‘Open APIs’ are giving customers greater access to and control over their banking data – including how their data is used by financial services providers.
Following similar moves in other markets, Australia is in the process of developing policy to support an Open Banking regime as part of the Consumer Data Right – a more general right being created for consumers to control their data. Banking is the first sector of the Australian economy to which this right is to be applied.
How are other markets approaching these topics – whether formally or informally? Clearly, different implementations of Open Banking reflect the specific features of each jurisdiction’s competitive landscape, data and privacy regimes, fintech market development, and so on. Nevertheless, are there lessons that we might take from other markets – and how might the Australian experience differ?