Today Australia's four major banks open up their data so that customers can share it in order to get the best deal possible on credit cards, savings accounts and other deposit products.
The system will start small today but ramp up over time. By the end of the year the ACCC anticipates there will be dozens more companies accredited to help customers get a better deal. The more accredited companies means the more competition there is battling it out for Australian customers searching to get the best deal for them.
CEO of the Australian Banking Association Anna Bligh said that as the system ramps up it will provide consumers with greater access to personal information, as well as the ability to allow banks to provide safe and secure access to share their data with third parties.
"Customers can be assured that they will always be in control of how and when they share their data."
ABA CEO Anna Bligh
"From today, customers will be able to give permission to accredited third parties to access their banking data while they search for a better deal on banking products." Ms Bligh said.
"This sharing of data is a watershed moment for competition in the banking industry and, in time, will enable every Australian to use their data for their own benefit.
"Customers can be assured that they will always be in control of how and when they share their data.
"This is a great achievement by the major banks. Despite moving the majority of their workforce to work from home and processing unprecedented numbers of customer queries and loan deferrals as a result of COVID-19, the banks have stayed on plan and delivered Open Banking and ensured the data will start to be shared from today," she said. Initially just the four major banks will be part of the system. Other banks will join in the next 12 months.
