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Getting your business ready for Open Banking

Open Banking is coming to Australia. When it arrives it will fundamentally change the way financial institutions manage and control their customer data. This will be the first step toward an ‘open data’ future which will also have ramifications for companies in other industry sectors and the broader Australian economy.

While there is certainty that Open Banking is coming, everything else is less clear. The obligations and corresponding opportunities are complex, evolving rapidly and the business cost of making the wrong decision is high.

To help companies with their Open Banking strategy, Cuscal, KPMG and King & Wood Mallesons jointly published a white paper and held a public webcast to discuss the key issues facing companies implementing Open Banking and looking to participate in an open data economy.

What the webcast covers?

  • What organisations should consider as part of their Open Banking strategy
  • What we can learn from open data regimes overseas
  • Examples of Open Banking innovation which have relevance in Australia
  • How to approach the compliance obligations while taking advantage of the opportunities

Open Banking deep dive with Scott Farrell

Scott Farrell, Partner KWM gave a snapshot of the Australian Government’s review of Open Banking in Australia at Curious Thinkers 2018 in Sydney.

Scott outlined how open banking is designed to give customers greater control over their data, giving them more choice in banking and convenience in managing their money.

He discussed how open banking is part of consumers’ broader data rights in Australia. The consumer data right will first apply to the banking sector, with others sectors set to follow.

Brett Miller (Data Action), Danny Gilligan (Data Republic), Ian Pollari (KPMG), & Vanessa Chapman (NPPA) joined Scott in an open banking panel discussion where they discussed the challenges of the timeline for open banking regulation in Australia, the opportunities it presents and the role FinTechs will play in open banking.

Watch the open banking deep dive video to learn more.