KPMG national sector leader banking and global co-leader fintech practice, Ian Pollard, made his comments on Friday in response to the passing in parliament of the Consumer Data Right Legislation Bill.
Welcoming the passing of the bill – which gives individuals and businesses the right to access specified data in relation to them held by businesses - Pollard said, “It’s critical that all stakeholders, ranging from regulators, banks and fintechs, work together to ensure the appropriate testing and preparations ahead of the regime’s implementation”.
“In addition, customer awareness, education and engagement will need to be another key focus for the regime’s success,” Pollard cautioned.
“Now the Consumer Data Right Bill has been passed, the race is on to get compliant. To benefit from the changes, businesses will need to quickly move beyond compliance and develop innovative products and services.”
Watson said: “Open Banking of a more limited scale already exists in the UK, India and several European nations – and “we are already seeing some fantastic innovation in these markets from apps that enable users to aggregate and manage financial accounts across multiple providers, to sophisticated yet nimble SME lending services”.
"Banks and others are also using the opportunity to understand new and existing customers better, make faster and better informed credit decisions and enable easier switching.”