Open Banking

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

• Read our submission to the Inquiry into Future Directions for the Consumer Data Right
• Read our summary of the 73 submissions to the Consumer Data Right Inquiry

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

Read more insights from our Deloitte experts:

• Open Banking seven years from now (Deloitte Australia)
• Actions ahead as Open Banking gets closer (Deloitte Australia)
• Changes to the start date for open banking (Deloitte Australia)
• Consumer Data Right Bill passed: introducing open banking (Deloitte Australia)
• Reimagining customer privacy for the digital age: Going beyond compliance in financial services (Deloitte US)
• Achieving robust cyber-security in a connected banking environment (Deloitte UK)
• Data as an asset: Defining and implementing a data strategy (Deloitte US)
• Open Banking - A platform - based business approach that came to stay (Deloitte Germany)
• The marketing opportunity in open banking (Deloitte UK)
• Four key parts of the API economy (Deloitte UK)  

Our Solutions:

• OpenDATA for Financial Services
• Deloitte Open Banking assurance
• Privacy and Data protection services
• Open Data Credit Risk Services