Open banking review wants to facilitate new data industry

Due at the end of this week, head of federal government’s open banking review, Scott Farrell, is hoping submissions will consider the benefits of the regime from the customer perspective.

“I am interested in what the industry thinks their customers really want, not just what they might like their customers to want. It will be important to listen to the voice of the customer, and banks and fintechs communicate with their customers every day,” he told The Australian Financial Review on Friday.

With industry submissions for the open banking review due on Friday, Mr Farrell said they should not only address how open banking might improve the banking experience for customers and enhance competition, but also how it might help foster a new data industry in Australia, allowing banking data to be used to enhance a wide range of applications and experiences. To read more, click here.