Open software and sharing of customer data will be natural evolutions in the banking industry, fuelling competition across the finance sector, according to Westpac Banking Corp's technology chief.

Dave Curran, chief information officer of the $97 billion Westpac, expects Australia's financial services groups to adopt open software as technology breaks down traditional barriers such as geography and industries. He also believes open data APIs (application programming interfaces), which could allow fintech firms to access customer transaction account data, will be a reality in the future.