This Month
CBA fined by competition regulator for breach of data sharing rules
Commonwealth Bank has become the second major bank to be fined by the ACCC this year for an alleged breach of the consumer data right.
October
Treasury considers small lender exemption from open banking
A proposal to exempt smaller banks from the data sharing regime would ease their cost burden, but critics say it would be a backward step for customer choice.
March
CBA says responsible lending rules shield it from rampant liar loans
The bank’s retail boss, Angus Sullivan, says there are, however, “a few areas” where a banker could coax someone through an application, so it needs to remain alert.
September 2024
Open banking limps to life with ANZ customers seeking full picture
ANZ is the first major bank to use open banking to aggregate multiple accounts through its app. Ultimately, it will be used as a tool to lure new customers.
August 2024
New Zealand regulator lambasts banks for ‘sporadic’ competition
The NZ Commerce Commission called for open banking to be “fully operational” within two years and for the government to invest more capital into its Kiwibank.
‘Badly executed’: Labor unveils plans to simplify consumer data right
A raft of enhancements to the open banking and energy sector data-sharing regime will be unveiled on Friday to boost adoption.
Familiar with the consumer data right? Here’s why you should be
The philosophical basis for the right is that data generated by consumers of commercial services is their property and not that of the company.
Banks say consumer data right ‘action initiation’ rescue will cost $3b
Ahead of a parliamentary vote next week to extend the consumer data right to boost switching, the ABA is pointing to costs and risks as reason for delay.
July 2024
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.
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.
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.
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.
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.
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.
June 2024
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.
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.
March 2024
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.
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.
February 2024
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.