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Borrow

Open banking reform set for parliamentary appearance

By Cameron Micallef · July 23 2019
Reading:
egg

Borrow

Open banking reform set for parliamentary appearance

By Cameron Micallef
July 23 2019
Reading:
egg
Christine Cupitt

Open banking reform set for parliamentary appearance

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By Cameron Micallef · July 23 2019
Reading:
egg
Christine Cupitt

The Consumer Data Right legislation that is required for Australia’s proposed open banking scheme is set to be discussed in Parliament this week, marking a “critical step” in ensuring the reform moves forward.

According to Australian Banking Association’s executive director, Christine Cupitt, the legislation is critical in ensuring the reform moves forward and is a safe and secure system prior to its launch next year.

“Giving customers greater access to their data will make it easier and simpler to shop around for a better deal on a credit card, followed by home loans and other banking products,” Ms Cupitt explained.

She noted that open banking will provide customers with an ability to share personal information with accredited institutions such as banks, and enable them to find a better deal on their banking products.

Calling open banking “a win for customers”, the executive director credited the scheme with increasing competition and making it easier for individuals to get the best deal possible from their bank.

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She noted that “thorough testing of this regime is vitally important to the success of this reform and to ensure Australians trust and use it”.

Adding to the open banking debate, Experian’s Australia and New Zealand executive general manager of credit services and decision analytics, Poli Konstantinidis, said Australians will benefit from open banking once they are educated on the subject.

“There is an immediate need for improvement in consumer education on open banking and financial literacy through government and industry investment, to ensure open banking is adopted quickly and effectively,” he explained.

According to him, “Australian businesses need to properly prepare themselves for the new shift to a data sharing ecosystem in Australia”.

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Open banking reform set for parliamentary appearance
Christine Cupitt
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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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