Australian fintechs defend open banking after industry criticism

Banking association’s review precedes government’s vote on full measure of consumer data regime

by Liz Lumley

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Australian fintechs defend open banking after industry criticism

Image: nomadnes/Getty Images

The Australian Banking Association has found that the country’s consumer data regime aimed at supporting open banking is not being used by bank customers three years after coming into effect, fuelling criticism by Australian fintechs.

According to the ABA, only 0.31 per cent of bank customers were using the Consumer Data Right regime at the end of 2023, and more than 50 per cent of data-sharing arrangements had been discontinued or allowed to lapse throughout the year.

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Liz Lumley

Liz Lumley is deputy editor at The Banker. She is a global specialist commentator on global financial technology or “fintech”. She has spent 30 years working in the financial technology space, most recently as director at VC Innovations and architect of the Fintech Talents Festival, managing director at Startupbootcamp FinTech London and an editor at financial services and technology newswire, Finextra. She was named Journalist of the Year for Technology and Digital Finance at State Street’s UK Press Awards for 2022.