Australia's big banks have become paranoid about the direction of Prime Minister Malcolm Turnbull's "ideas boom". That's because they fear reams of precious customer data is about to be pried from their systems by a coterie of fintech start-ups.
Access to digital banking data is the fintech battleground. Distribution and analysis of big data is set to redefine competitive advantage across the new economy. Data policy could become the biggest driver of banking competition over the first half of this century.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
