“Immediate” need for open banking education

“Immediate” need for open banking education

Last week, an important step was taken towards the implementation of open banking, a shift many believe will deliver revolutionary and “long-awaited change” to the Australian financial system.

However, the impact will likely be negligible if action is not taken at both an industry and governmental level, according to Poli Konstantinidis, Experian A/NZ executive GM of credit services and decision analytics.

“There is an immediate need for improvement in consumer education on open banking,” he explained.

“With the introduction of any new banking initiative, the success very much relies on consumer understanding, for them to be able to access and reap the full benefits. This is something that should be done via government and industry investment to ensure that open baking is not only adopted quickly, but implemented effectively. It needs to be a collaborative approach for the innovation to see success.”

Konstantinidis believes that the current information circulating on the topic is not only lacking, but overly complex.

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