Open Banking has been a hot topic in the finance industry. The objective of Open Banking regime is to improve the way consumers deal with financial institutions, making it easier to move between banks/financial institutions and provide a way for consumers to have more control over their banking data.
The deadline for financial institutions and other industry participants to adhere to the changes is July 2019, therefore, banks and other companies involved are starting to prepare to adapt their systems, processes, data protection, and fees/costs structure.
Next month, 30-31 October in Melbourne, a number of representatives from the industry are getting together in a summit to talk about business models, understand the regulation behind Open Banking, discuss APIs and address concerns around privacy and security.
Our team will be attending and speaking at the conference. Co-founder and co-CEO Michael Phillipou will be hosting a workshop talking about benefits of API, the pros and cons of social scoring, and customer experience.
Some of the other speakers in the summit are Eduardo Martinez Barrios from Santander UK sharing the learnings from United Kingdom with implementing open banking; Philip Cussen from Bank of Queensland, Nissanka Janaratne from Westpac, and Callam Porch from QSuper, will be talking about the transition to open banking.
Open Banking will most certainly change the way Australians manage their finances and their data. Imagine if you could easily move your loan or savings to a different financial institution, without the fees and the hassle? Well, that could become reality.
Stay tuned and get in control of your data. We look forward to helping more Aussies with their finances!