In 2017, the Australian government announced the creation of an Open Banking framework set to launch in July 2020.
With Open Banking, the ownership of banking data will shift from Australian banks to their customers, allowing Australian citizens to use their own data to access better financial and banking products easily, and increasing healthy competition in the sector.
Open Banking has been at the centre of conversations in the last few months, with industry stakeholders discussing the impact of this new regime on all the involved parties – arguably, with the exception of consumers.
It may seem natural to get technical and industry issues on regime implementation out of the way before discussing how to best engage consumers. Yet, consumers are both the beneficiaries of and key success factor to Open Banking.
In partnership with market research company Pureprofile, Hotwire Australia has published a new study analysing Australian consumers’ perceptions of Open Banking.
Download our whitepaper Cracking the Code of Open Banking for key insights on what consumers think of Open Banking, and how financial brands can adjust their communications strategies accordingly.