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