The Australian government has announced that it will begin phasing in recommendations from the Open Banking Review beginning on July 1, 2019. Once fully-implemented, open banking will give Australian consumers more control over their information, leading to more choice and, ultimately, more confidence in the use and value of an important asset – their own data. The open banking concept will also extend to cover energy and telecommunication companies, with more sectors expected to eventually be included.
The decision to implement open banking is the culmination of a significant amount of work from banking, FinTech, consumer, regulatory and government communities. It will be important that the members of these communities (as well as others needing to participate in the new data economy) engage in ensuring that open banking and consumer data rights produce the customer choice, convenience and confidence they are designed to.