The opportunity of open banking

The opportunity of open banking

Open banking is set to reshape the way customers access their data and banks and other financial institutions are now getting ready to start implementing the system from next year.

Australia’s four major banks must have implemented an open banking standard by 1 July 2019 and other banks will need to follow by the same time in 2020.

One company, which has been working with open banking before it even began, said the regime will make things much easier.

MoneyTree launched in Tokyo, Japan, six years ago based on the idea customers should have better access to their data. It started with a personal finance app which categorised users’ spending and then they began to open out into other areas.

Soon they were working with banks and institutions to help them create better experiences for their customers.

Now, banks, credit cards, real estate groups, accountants and superannuation are using the platform.

Ross Sharrott is one of MoneyTree’s co-founders, its chief technology officer and executive director for Australia. He is also a member of the Advisory Committee of the Data Standards Body for the implementation of Open Banking.

 

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