The banking industry is supportive of Open Banking, which will give customers more control over their banking transaction data.
Customers will be able to access data themselves or require their bank to give a trusted third-party, such as another bank, access. Access to transactions records will enable customers to better compare banking products based on their actual spending history. Data can only be shared with a customer’s consent.
Open Banking will be part of a broader Consumer Data Right, giving Australians access to data for other products and services they purchase, including energy and telecommunications.
The ABA is currently working with the Government and regulators, including the Australian Competition and Consumer Commission (ACCC) and Office of the Australian Information Commissioner (OAIC) to implement Open Banking, with the first tranche of data set to go live by 1 February 2020.