The Australian Bankers’ Association (ABA) noted that small businesses have had a tough trading period throughout the global financial crisis and are still dealing with its impacts. Weaker trading conditions can undermine small business balance sheets due to reduced revenues. Unfortunately, some small businesses have experienced cash flow problems, and in some cases, this has caused banks to decline loan applications because of the businesses’ reduced ability to repay their loans.
Open Banking will allow customers, at their request, to share their personal information with other financial institutions to allow them to find a better deal on expenses such as electricity bills, telecommunications and other items.
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