10 May 2018
The announcement by the Federal Government of a phased approach for introducing Open Banking is a sensible path forward for this important reform, enabling banks to design a secure system which benefits Australian consumers.
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.
Australian Banking Association CEO Anna Bligh said it was important to get this reform right with the security of customer data at the forefront of policy making.
“The ABA welcomes the Government’s announcement on Open Banking which charts the way forward for this important reform which will empower customers,” Ms Bligh said.
“The industry is pleased that the Government has outlined a phased introduction that enables it to design a good system the will both benefit customers and protect their data.
“Banks are committed to delivering this reform within the tight timeframe and are looking forward to seeing further details contained in the draft legislation as soon as possible,” she said.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
“Since the Banking Code was first introduced in 1993, the process to independently review the Code has continued to deliver improvements.”
The CVA released today will inform future industry efforts in using scenario analysis as a tool for understanding climate change related financial risks.
“A number of our banks actually have maternity leave lending products that are specific to people on parental leave, paid and unpaid, to help them through, what as I said, can be a difficult time.”