New Zealand’s consumer watchdog has announced the Westpac Bank has agreed to refund 93,000 customers overcharged $7 million for services.

Underperforming broadband services are still a problem for some consumers, with a newly publish report revealing that 12.4% of consumers continue to experience underperforming services that “rarely come close to reaching their maximum plan speed”.

Open banking holds enormous potential to reshape the banking industry and the broader economy, as well bringing greater control and benefits to Australian consumers and small businesses, according to a fintech practice leader at professional services firm KPMG.