A way forward for open banking

“It doesn’t have to be an open banking construct to [banks like ANZ] to be able to share data. We have been doing this since time immemorial,” she says. “It’s really about making sure we compartmentalize the data to solve specific problems. [customer] opportunities and problems.

“There’s almost a parallel race going on with our institutional clients – one of which is, how do APIs allow them to consume small chunks of data, especially when responding to real-time opportunities in their set of customers?”

Meanwhile, Vasic adds “there is a consumer-led one – which is the open banking framework – with the rights that surround the sharing of [anonymised] consumer data to drive our institutional clients to develop better propositions to meet client demand. »

The next year will be crucial for open banking as the financial services industry makes greater use of the data provided by the system for customer proposals, according to Richard Hough, head of ANZ’s Insights initiative for Open Banking .

“We see open banking as a digital innovation platform for the next decade,” he said, noting that the consumer data offering has slowly grown in the local industry since then. the beginning of open banking.

“It’s only now that we’re really getting to the point where it’s going to be very interesting to use for the recipients of the data. Because the full data supply of big banks and other banks is now in place.

“We’re going to see…over the next 12 months, an increasing number of data recipients looking to consume that data, to make new customer propositions.”

Customer proposals

But for Hough, open banking doesn’t immediately translate into a new set of services or products, but rather “it’s just a way to augment the capabilities we already have.”

Vasic said open banking provides a “co-creation” opportunity for the bank and its institutional clients.

“The first thing we have to think about is actually what is the problem we are trying to solve for our customers? It’s about working with our customers to say, what’s the opportunity here? »