subscribe to our newsletter sign up

Treasury looks at open data to improve bank competition

Treasury, open banking, open data, bank competition, bank customers, retirement planning, retirement management, retirement savings, wealth management

The Australian federal government has said it will investigate how an ‘open banking framework’ could make the sector more competitive and deliver better results for Australians.

Currently, the government is seeking advice to explore how open banking – in which bank customers have better access to and ownership of their personal data – could potentially transform the banking system, the Treasury said in a statement.

“Greater consumer access to their own banking data and data on banking products will allow consumers to seek out products that better suit their circumstances, saving them money and allowing them to better achieve their financial goals,” the statement said.

“It will also create further opportunities for innovative business models to drive greater competition in banking and contribute to productivity growth.”

The independent review is part of the government’s Banking Executive Accountability Regime (BEAR) – announced in the federal budget in May - which is intended to deliver an “overhaul of the financial system and [bring] forward a comprehensive package of reforms to strengthen accountability and competition.”

The review will be headed by Scott Farrell, a partner at law firm King & Wood Mallesons.

Mr Farrell has had over 20 years’ experience in financial markets and law and is a member of the government’s Fintech Advisory Group.

The government has also released terms of reference for the review, with the review itself due at the end of the year.

Treasury looks at open data to improve bank competition
nestegg logo
subscribe to our newsletter sign up
Promoted Content
Recommended by Spike Native Network
Greg Hollands - Numb... - Quite frankly, I am sick and tired of "community expectations" used as an argument. If that were the case, many borrowers from banks would expect the.......
Tough Love - TC, if you are earning just above minimum wage running your business, then stop. Rather than whinge about how difficult it is, just stop. Go and get.......
Jimmy - How many people buy the book and never read it? How many people buy the unshod one's book and never read it? Like the article says, it's simple but.......
Jack - Oh dear ...... investable Income, budgets, Income-producing assets (well, makes a change from ‘growth’ assets, at least), and I suppose we should.......