Ireland-based global fintech Priviti has launched in Australia as the country prepares for the imposition of new Open Banking legislation and the Consumer Data Right which require major banks to make data on credit and debit card, deposit and transaction accounts available by July 2019 and mortgages by February 2020.
A survey of 2000 Australian consumers has shown that Australian banks enjoy a level of trust above that granted by other organisations, with the result that open banking, when it arrives next year, is set to see data sharing between banks, rather than between banks and third parties.
Open Banking is sometimes positioned as a lever that new entrants can use to take market share away from established players such as the Big Four banks. But it could also be used by incumbents to improve their customer relationships.
I'm surprised they didn't say if Apple devices were ok to use or not?
Take comfort in that when it takes 2 hours to watch a 90 minute movie on Netflix.
"Choosing your comparisons is like marking your own homework — it's very easy to get top marks."
Yeah just what I want more spyware from our (not) trustworthy Federal Government to put on my 'phone. No chance[…]
Thx Sam - a timely reminder with historical perspective included, and great points that Australia as a tiny player on[…]