Accenture: Making Open Banking a Platform for Industry Transformation

Accenture: Making Open Banking a Platform for Industry Transformation

October 30 2018

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

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