Policymakers should recognize open banking as part of Canada’s response to economic abuse and small business resilience, not only as a competition or financial sector reform.
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Open banking is already well established in many countries, and saves merchants and consumers much more than NZ’s proposed surcharge ban will.
Four Australian banks dominate the banking sector in New Zealand. There has long been concern about whether consumers are getting the best deal, and yet 54% have never changed banks.
The Commerce Commission says New Zealand’s banking sector is uncompetitive. But in the rush to fix the problem, regulators need to ensure they don’t introduce risk and instability into the system.
New Zealand is preparing to roll out so-called ‘open banking’, Europe can offer valuable lessons on how best to open the financial system to new players.
At the core of changes already underway is that the customer not the bank will own their banking history. It’ll make switching easier, and it’s about to spread to other services.
New waves of products offered by FinTech companies are likely to spur banks to compete in a space where they have been slow to innovate.
Challenger banks are on the rise but they need to prove themselves to be trustworthy to survive – and profit.
Words matter – not just for building trust and understanding, but for weighing up legal issues. So maybe “open” and “shared” aren’t the right words to use when we refer to our data.
Open banking will see customers use their data in a whole range of ways, including seeing how they are faring financially against people in similar situations.
Top contributors
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PhD Researcher, Warwick Business School, University of Warwick
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Associate Professor, Faculty of Law & Justice; Lead, UNSW Public Interest Law & Tech Initiative, UNSW
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Professor of Entrepreneurship and Innovation, University of Oxford
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Senior Research Associate in Media and Communications, University of Sydney
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Lecturer in Corporate Law and Corporate Governance, Western Sydney University
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Professor and Chair in Financial Technology (FinTech) & Information Systems, University of Manchester
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Former data protection and surveillance stream lead, Allens Hub for Technology, Law and Innovation, UNSW Law Faculty, UNSW
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Lecturer in Accounting and Finance., University of Waikato
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Associate Professor, University of Waikato
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ARC Laureate Fellow, Scientia Professor of Law, UNSW
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Professor of Finance; (Banking, Fintech, Corporate Governance, Intangible Assets), EM Normandie
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Associate Professor of Accounting and Capital, Te Herenga Waka — Victoria University of Wellington
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Professor of Finance, Auckland University of Technology
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Associate Professor of Finance, Desautels Faculty of Management, McGill University
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Assistant Professor in Criminology, Université de Moncton