Open banking in Australia is rapidly transforming the way consumers manage their finances by allowing them to securely share their banking data with third parties accredited by the Australian Competition and Consumer Commission (ACCC).
“The values of an organisation are built from the top, and we can learn a lot from who’s at the helm,” Khalil said, emphasising the role of leadership in shaping this new approach.
Since the Australian government introduced the Consumer Data Right (CDR) in 2018, consumers have gained more control over their financial data.
Starting in 2020, Australians could authorise third parties to access information from their savings accounts, credit cards, mortgages, and more. This system allows consumers to compare products, manage their finances more effectively, and even switch banks more easily without sharing passwords or compromising security.
Although adoption has been gradual, Khalil expects uptake to grow as more banks participate and consumers become aware of the benefits.
“Open banking provides a safe, secure, trusted, and accessible way for customers to obtain real benefits from sharing their data,” he said.
At ANZ, open banking is being integrated into the new ANZ Plus retail banking platform, which is designed to give customers the tools they need to manage their financial wellbeing. One key feature is My Accounts, which allows users to view all their eligible bank accounts in one place. This removes the hassle of switching between apps or websites to get a full view of their finances.
Nearly 30,000 customers have already adopted this feature since its launch, and ANZ continues to explore how open banking can enhance the user experience.
Khalil said the platform will evolve to bring even more data-driven insights and innovations to its growing user base.
The future of open banking is bright, with the Australian government’s next phase of the CDR plan focusing on “action initiation.”
This would enable consumers to instruct businesses to take actions on their behalf, such as making payments, switching providers, or updating personal information, all with the customer’s consent.
Khalil said that ANZ is closely monitoring these developments, aiming to provide seamless, secure services as regulations and consumer needs evolve.
ANZ Plus is committed to empowering customers by giving them the tools to take control of their finances.
“We want ANZ Plus to be the best place for those customers who want to make the most of their money and improve their financial wellbeing,” Khalil said.
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