This Month
- Analysis
- Government Observed
Canberra’s $1b digital identity play could be the next white elephant
The failure of open banking and the poor uptake of My Health Record offer a salutary warning for the government’s digital ID system.
- Tom Burton
Fintechs accuse banks of sabotage on ‘open banking’
The start-ups attacked the banks for trying to sabotage the consumer data right, arguing figures on low usage misrepresent growing interest in account switching.
- James Eyers
- Opinion
- Letters to the Editor
Levy on coal, gas and iron ore exporters could save AUKUS subs
Readers’ letters on saving submarines; the consumer data right; responsibility for scams; renewables’ potential; opportunities for independents; and the UK election.
Senate to vote next month on extending data right for bank switching
Treasurer Jim Chalmers is working through banks’ concerns about the consumer data right, as the Senate forced a vote on a bill to extend it by mid-August.
- James Eyers and John Kehoe
- Exclusive
- Big four
Banks spent $1.5b on account switching. No one is using it
The consumer data right, which has already cost banks $1.5 billion, is too complicated and doesn’t have a clear use four years after launch, major lenders say.
- James Eyers
- Analysis
- Big four
They built it – but nobody came. Consumer data right needs help
Privately, bank bosses remain highly agitated about being more open about the valuable data they hold, the sharing of which could make competition more intense.
- James Eyers
- Opinion
- Opinion
Open banking offers a salutary tale
The lesson is that governments trying to regulate their way to a greater bank competition can have anti-competitive effects.
- The AFR View
June
Mastercard’s call to save open banking
If Treasury can iron out the teething issues, the government’s consumer data right is ready for take off, according to a new report from the US payment giant.
- James Eyers
New MoneyMe chairman accuses banks of stunting competition
The government’s open banking regime “hasn’t worked as designed”, nearly four years after its introduction, new MoneyMe chairman Jamie McPhee said.
- Lucas Baird and James Eyers
March
NZ tries to break grip of big four across the Tasman
The New Zealand competition regulator has made draft recommendations including a RBNZ review of capital rules to give smaller banks an assist.
- James Eyers
When it comes to how we pay, Apple is coming for the big banks
Commonwealth Bank boss Matt Comyn says policymakers need to be alert to the dangers of ceding important industries to global tech platforms without scrutiny.
- James Eyers
February
How you could save up to 1pc off your mortgage rate
Three fintech start-ups – Craggle, Stay or Go and Elula – are challenging mortgage brokers and comparison sites by helping banks negotiate deals with customers.
- James Eyers
What this small fintech deal says about the big shifts in data sharing
Few have heard of Fat Zebra and Adatree. But the acquisition points to emerging data rights, as screen scraping teeters and Apple enters open banking in the UK.
- James Eyers
December 2023
ACCC wants switching banks to be as easy as ditching mobile providers
Gina Cass-Gottlieb’s ACCC deposit inquiry calls for Australia to introduce an account switching service like the ones that operate in Britain and the Netherlands.
- James Eyers
ACCC lashes banks for ‘opaque’ pricing of savings products
The ACCC has called for banks to notify customers of changes to bonus savings rates to help them switch, in the final report of its retail deposits inquiry.
- James Eyers
Global banks’ 2024 outlook is ‘negative’: Moody’s
The US rating firm says banks are poised to struggle as tight financial conditions and an expected economic slowdown sting.
- Timothy Moore
Westpac restores online banking after update triggered outage
Shortly after 5am on Tuesday, Westpac said that services have been restored after an eight-hour interruption.
- Updated
November 2023
Finance upstarts step in where banks fear to tread
Making it easier to send money back to family overseas was the key driver for the founders of EzyRemit.
- Alexandra Cain
October 2023
Float hopeful Cuscal reveals revenue and cost growth ahead of roadshow
As investor meetings for a planned November IPO kick off next week, Cuscal’s annual report provides a snapshot of the payment company’s growth and challenges.
- James Eyers
September 2023
How this power company fixes blackouts in 70 seconds
Endeavour Energy, the winner of the energy sector in the AFR Digital Transformation Awards, has transformed how the company’s technicians manage the network.
- Edmund Tadros