Heritage says the new solution will unlock opportunities for consumers to explore greater competition in financial services, harnessing the EY team’s extensive consulting capabilities and cloud-hosted EY Fuse Open Banking platform to deliver a safe, secure and easy-to-use solution.
Open Banking is a new initiative being introduced in the Australian banking landscape, allowing people to more easily share their banking data with other accredited entities, with the goal of promoting greater competition and creation of new services, products and experiences for Australians.
Under the Open Banking regime, customers, for instance, will be able to provide other financial institutions or accredited data recipients - like financial planners or budgeting apps - access to their personal data to help hunt for better deals on products or services.
Heritage Bank CEO Peter Lock said: “We’re looking forward to working with EY on our Open Banking solution. They have unrivalled capabilities in this area and will help us deliver a first-class solution.
“Open Banking provides some exciting opportunities for consumers so it’s crucial for the infrastructure behind the initiative to be rock solid.
“We want to reinforce to our members that our approach will keep their data secure and under their control. Tapping into EY’s extensive local and global knowledge in this space will be crucial in ensuring our solution is not only secure but also easy to use.”
“We’re very excited to be working with Heritage Bank on this important and exciting initiative to help them drive innovation and greater consumer choice through Open Banking,” EY Oceania Open Banking Leader Andy Parton said.
“Heritage will not only comply with the Consumer Data Right (CDR) regulations but is well-positioned to capitalise on the opportunity to compete in this new world of Open Banking and, ultimately, better serve its members.
“I’m very proud that Heritage selected EY to collaborate with on their Open Banking journey and will have our technology at the heart of their solution.”
As reported by iTWire, last month Heritage Bank, announced a partnership with global information services company Experian to set up a loans origination platform that will reduce the loan processing time by up to 80%.