Scott Farrell, Partner KWM gave a snapshot of the Australian Government’s review of Open Banking in Australia at Curious Thinkers 2018 in Sydney.
Scott outlined how open banking is designed to give customers greater control over their data, giving them more choice in banking and convenience in managing their money.
He discussed how open banking is part of consumers’ broader data rights in Australia. The consumer data right will first apply to the banking sector, with others sectors set to follow.
Brett Miller (Data Action), Danny Gilligan (Data Republic), Ian Pollari (KPMG), & Vanessa Chapman (NPPA) joined Scott in an open banking panel discussion where they discussed the challenges of the timeline for open banking regulation in Australia, the opportunities it presents and the role FinTechs will play in open banking.
Watch the open banking deep dive video to learn more.