The future is now Commit to Open Banking
How would it impact your business if it couldn’t connect to the major banks? Recent events have reduced the availability of access to banking data via web connectors, putting at risk businesses relying on this data to service their customers.
Read more about the changes and how to future-proof your business via Open Banking below.
As an industry we often talk about Open Banking as a future state; ‘it’s coming’, ‘when it matures’… but the future is here and now… As an industry we are playing with fire, hoping changes to data access won’t affect us, but the reality is it’s already happening and we need to move on.
Damir Cuca
CEO & Founder, Basiq
Businesses already accessing Open Banking data
View the full list of companies on the Consumer Data Right website
Explore moreData access methods are changing
Major Australian banks are committed to Open Banking as the optimal way for customers to share their financial data.
It’s becoming more difficult to access customer banking data via web connectors as banks increase security to protect their customers.
Increased fraudulent activity has made consumers more vigilant about sharing their data than ever before.
Comparing Open Banking and web connectors
Open Banking and web connectors are different connectivity methods for accessing financial data.
Implemented as part of the Government’s roll out of the Consumer Data Right (CDR) program, Open Banking ultimately provides a better experience for businesses and consumers, enabling innovation and development of new financial products and services.
Open banking offers
For Business
- Reliability: A national CDR framework
- Data quality: Standardised APIs & data schemas
- Faster connection: Direct connection with Banks
- Security: Utilises best practice standards & protocols
- Scalability: Access to more datasets as the CDR expands
For Consumers
- Trust: Businesses accessing CDR data must be accredited
- Choice: Control of what information is shared and how it is used
- Support: Issues can be raised directly via ACCC
- User Experience: Increased speed and reliability when connecting to Banks
- Security: A more secure way to consent to data sharing
Open Banking helps us to harness an even better customer experience and great data insights for smarter and more responsible lending. With scraping inconsistencies, our focus is on future proofing our customers in a reliable and secure way.
Bishara Hatoum, Founder & CEO
Open Banking allows consumers to see a holistic picture of their wealth, lending to better decision making and outcomes. For Blossom, Open Banking helps facilitate important savings functionality, like round ups, to ensure we’re making maximum impact on the savings of our customers.
Gaby Rosenberg, Co-Founder, Blossom App
Open Banking data sharing democratises people’s access to their own data, enabling all consumers to connect to world-leading financial tools and services. We and our customers prefer to connect via open banking feeds, because they’re more reliable and faster to sync than traditional bank feeds.
It’s ushering in a new era of empowerment for people, as open banking is now a consumer right.
James Wigglesworth, Co-Founder & CTO, Pocketsmith
Ready to make the move to Open Banking?
1. Choose an access model
An access model is an approved pathway to connect to banking data under the Consumer Data Right. There are multiple options available and varying levels of commitment depending on the business type.
2. Get connected
With so many options in the market, choosing a data provider can be overwhelming. Here is a practical a guide to help businesses know what to look for and questions to ask.
Want to find out more?
Checkout these resources to explore more about CDR & Open banking