The Federal Government has moved to further test its relationship with the major banks, with the Treasurer, Scott Morrison opening the door on giving consumers greater access to their own banking data and therefore making decisions about switching banks or bank products.
The Treasurer said the initiative was part of the Government’s agenda to introduce an Open Banking regime with the review being led by a partner in legal firm, King & Wood Mallesons, Scott Farrell supported by a secretariat within the Treasury which would be drawing upon the expertise of the private sector as required.
Morrison said the review would consult broadly with the banking, consumer advocacy and financial technology sectors and other interested parties in developing its report and recommendations.
“Open Banking is about giving Australians greater access to their own banking data and has the potential to transform the way in which Australians interact with the banking system,” he said.
“Greater consumer access to their own banking data and data on banking products will allow consumers to seek out products that better suit their circumstances, saving them money and allowing them to better achieve their financial goals. It will also create further opportunities for innovative business models to drive greater competition in banking and contribute to productivity growth.”
Farrell is expected to report his findings by the end of the year.