Accenture: Making Open Banking a Platform for Industry Transformation

Written by Accenture

An Accenture survey shows few Australians understand Open Banking or are comfortable sharing their financial data with third parties, despite the impeding implementation of the new data-sharing regime.

• Australian banks still enjoy an inherited level of trust from
  customers well above that granted by other organisations,
  meaning Open Banking is likely to drive data sharing
  between banks, rather than between banks and third parties.

• This trust deficit will limit the introduction of Open
  Banking-based services by third parties in the near term,
  giving banks a window of time in which to develop innovative
  new services of their own.

• These services should be seen as part of the transition to
  Banking as a Living Business, which is essential to targeting
  the emerging customer groups who will drive future growth.

• Banks that move quickly to develop Open Banking-based
  services will enjoy first mover advantage in the disruption
  of the local banking landscape, and distinguish themselves
  from competitors.

Read the full report here: Accenture-Open-Banking-Platform-For-Transformation-Australia