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Open banking

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The consumer data right is meant to encourage switching between banks – but take-up has been low.

The fight over $1.5 billion ‘game-changer’ that hasn’t lived up to the hype

When former prime minister Scott Morrison outlined his vision for an ambitious banking policy in 2018, he declared it would be a “revolution” for Australian customers.

  • Clancy Yeates

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Plenti chief executive Daniel Foggo said the partnership with NAB could be expanded.

Plenti shares surge as fintech signs EV loan deal with NAB

The National Australia Bank has inked a deal with fintech lender Plenti to provide loans for electric vehicle and other cars, and could acquire 15 per cent of its shares.

  • Millie Muroi
Proponents say open banking can encourage more switching between banks, but it will take time.

‘A whimper rather than a bang’: Why open banking has had a slow start

Fintechs say the take-up of a data regime called open banking has been underwhelming. But they maintain it can shake up the industry, eventually.

  • Clancy Yeates
The Bank of England may have to formalise its gilt-buying operation into a permanent facility.

The Bank of England promotes moral hazard — again

No longer is the system based around banks; rather, it is increasingly centred around markets.

  • Marc Rubinstein
The government says “open finance” will pave the way for a new wave of personal finance apps.

Data sharing: Super and insurance industries next

Financial management apps look set to expand into insurance and superannuation, as the consumer data right moves into new territory.

  • Clancy Yeates
Tech billionaires like Alibaba founder Jack Ma are feeling the heat from China's government.

Disrupting the disrupters: China is slamming the brakes on Big Tech

One of the most difficult challenges facing regulators around the world is how to deal with the explosive growth and increasing power of the big tech companies. China has just shown how it will deal with them.

  • Stephen Bartholomeusz
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You could eventually be able to avoid bill shock and be able to change your energy or telco provider and get a better deal at the click of a button.

Why 'open banking' is so important and what it means for you

You could eventually save thousands of dollars each year on bank products, energy, telcos and insurance at the simple click of a button.

  • Joel Gibson
How to ask for a payrise

Open banking ushers in era of greater competition

New regime will make it easier to find better deals on mortgages, personal loans, credit cards and savings account interest rates.

  • John Collett
CBA says its data shows customers who use screen-scraping are at higher risk of falling victim to fraud and scams.

'Very concerning correlation': CBA warns against 'screen scraping'

Commonwealth Bank has warned that customers who hand over their banking password to other businesses such as fintechs face a greater risk of falling victim to scams or fraud.

  • Clancy Yeates
The "up-stumps-but-still-stump-up strategy" can save you thousands in mortgage interest over the life of the loan.

Home loan start-ups warn against 'hard transition' to data harvesting rules

Home lending startups say they will need to use traditional methods of collecting customer data, including 'screen scraping', during the transition to open banking.

  • Emma Koehn

Original URL: https://www.theage.com.au/topic/open-banking-1mqt