Banks embrace data sharing “milestone”
The peak body for banks has congratulated the sector for meeting the open banking deadline, given the challenges around COVID-19 and remote working.
In a statement, Australian Banking Association CEO Anna Bligh said the open banking system officially introduced on Wednesday represented a great achievement by the major banks.
Despite moving the majority of their workforce to work from home and processing unprecedented numbers of customer queries and loan deferrals as a result of COVID-19, the banks have stayed on plan and delivered open banking and ensured the data will start to be shared from today, Bligh said.
She added that sharing of data is a “watershed moment for competition in the banking industry”.
Australia’s largest lender, Commonwealth Bank said it would continue to invest in its business to ensure that it remains well-positioned to support its 7 million “digitally active customers” in the era of open data.
“As Australia’s largest bank, with our leading digital services including the CommBank app and NetBank, we are excited by the opportunity to deliver greater industry leading products and services to even more Australians,” CBA group executive of retail banking services Angus Sullivan said.
He said the bank will continue to invest in the open banking regime to ensure it reaches its full potential and benefits CBA’s current and future customers.
He signalled that new initiatives are expected to be rolled out in the future.
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