Open banking


Open Banking

Value unlocked

It’s time to unlock the power of Open Banking.

Driven by regulatory changes, shifting consumer preferences and technology-enabled innovation, Open Banking gives consumers the power to securely share their selected banking data with accredited third parties. Open Banking lays the foundation to improve consumer experience and create new products and services, and change the competitive landscape.

For immediate focus

At the beginning of August 2019, Australia took a major step towards an open data economy by passing the Consumer Data Right (CDR) legislation, which gives customers control of their data and enables them to share it with third parties. As the rules and standards on privacy, information security and customer experience are finalised, the process of accrediting third parties will begin. Banks and organisations seeking to be accredited data recipients should ensure they are ready, as those organisations that will thrive will be the ones that are prepared for the changes, customer-focussed and ready to leverage the opportunities that shared data provides.

Get in touch to understand how Deloitte can help your organisation embrace the opportunities of Open Banking.

Critical dates

On 24 April 2020, the ACCC announced that July 2020 commencement holds, but they will ‘provide some flexibility as authorised deposit-taking institutions (ADIs) and Initial Data Recipients respond to the physical and economic impacts of COVID-19’. On 20 December 2019 the ACCC adjusted the implementation timetable for the four major banks to share consumer data from 1 February 2020 to 1 July 2020. Those obligations that were to commence in July will be deferred to November 2020. Timings of elements beyond November 2020 will be reviewed by ACCC in the first quarter of 2020.

Consumer Data Right: Shaping the Future

Explore our Open Banking series below to help you prepare for the changes:

Open Banking Payment initiation - completing the vision

Organisations shouldn’t be waiting for changes in the Consumer Data Right (CDR) legislation to introduce payment initiation (write access) to Australia’s open banking framework.

Open Banking: The role of trust when choosing to switch banks

Trust influences who we bank with. It influences our willingness to share information. And it is one of the reasons people change banks.

Open Banking: Switch or stick?

Deloitte has surveyed 2007 banking customers to understand what triggers their decision to switch or stick and how they might respond to open banking.

Open Banking: Competitive edge through data architecture

Data governance and architecture is a tightrope that organisations in the banking sector must navigate to realise the upside of unlocking information silos, and to protect themselves from potential threats in an open banking environment.

Open Banking: What does it mean for analytics and AI?

Artificial intelligence is already driving a dramatic shift in how financial institutions attract and retain customers. In an environment where customers are able to share their data, the ability to aggregate, manage and analyse data will become increasingly important.

Open Banking: Privacy at the epicentre

By giving customers control over their banking data, and the ability to share it with third parties, open banking will transform banking in Australia. It has also generated a renewed focus on privacy. Open banking will result in more entities accessing banking data, and banking data being transferred more often – increasing the possibility that data privacy is compromised.

Open Banking: What does it mean for financial crime?

The evolution of an open banking model, where customers rather than each financial institution control and share their data, will potentially have a profound effect on financial crime risk management.

Open Banking: Why APIs matter

For years, discussions around APIs were confined to the developer community, but today they are the stuff of backyard BBQs, millennial games nights as well as blue chip boardrooms. The imminent arrival of open banking and the spread of data-sharing continue to amplify the importance of the ‘API Economy’.

Open Banking: Conduct: it’s everyone’s responsibility

Open Banking is an ‘opportunity to re-shape how banks will deliver value in their financial products’. It promises substantial benefits in competition, innovation and productivity. Organisations need to prepare to address potential conduct considerations of fairness, transparency, vulnerability and suitability.

Open Banking: Potential pricing implications

Information about a customer’s financial position and transactions has been a key source of competitive advantage for established financial institutions. The move to open banking will result in the ownership of this customer information moving from financial institutions to customers, enabling them to share their transaction and other data with third parties.

Open Banking: Comprehensive Credit Reporting (CCR) (updated July 2018)

The end of September 2018 will see the four major banks provide the first component of Comprehensive Credit Reporting (CCR), effectively a component of Australia’s emerging open banking regime. CCR, otherwise known as ‘positive reporting’, enhances the credit information provided by lenders and credit reporting bodies. This has the potential to enhance differentiation of customers based on risk.

Open Banking: A seismic shift

Open banking is ‘one of the biggest changes in financial services in a generation’, according to American Banker magazine. The changes enabled by open banking and comprehensive credit reporting will have a significant impact for customers, data privacy and financial crime, strategy and pricing, conduct and fairness, artificial intelligence, and application programming interfaces (APIs). Financial institutions that fail to align their actions in all of these areas ‘risk getting left in the dust.’

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    OpenDATA for Financial Services

    Deloitte’s Open Banking Platform combines Deloitte’s extensive experience building API-enabled platforms with best-in-class technology partners in domains such as identity and consent management to accelerate the launch of safe, secure and transparent open data solutions.

    Deloitte Open Banking assurance

    Deloitte's Open Banking assurance offering provides assurance on an organisation's compliance with relevant rules and standards and provides insights that ensure operating structures are fit for purpose.

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