What is open banking and how does Australia meet global open banking standards?

With the embrace of big data practices and the emergence of fintech and neobank players, the worlds of banking, technology and data transparency have collided, sending ripples throughout the entire financial services ecosystem. Open banking is now the common denominator, as banks are doing more than just managing and safeguarding money.

The open banking framework implores banks to hand over access and control of financial data to consumers. While Australia is one of the newer entrants into the banking regime, the UK has had open banking mandates in place since 2016. But what is open banking, how does it affect consumers and how will Australia measure up to the UK?

Timestamps:
00:00 What is open banking?
02:40 The power of open banking with Eduardo Martinez Barrios
07:01 Trevor Wistaf on where Australia is at in terms of innovation and comparisons with the UK
09:59 How open banking benefits a financially divided world with Ismail Chaib

Featuring:
Eduardo Martinez Barrios, Head of Open Banking Product at Santander
Ismail Chaib, Chief Operating Officer of TESOBE and Open Bank Project
Trevor Wistaf, Chief Technology Officer of Split Payments

Reporting by Yasmine Masi
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