Have you heard about Open Banking? After strong take up of this game-changing banking technology launched in the UK some two years ago, this new way of banking has now landed in Australia and P&N Bank will be looking to maximise the benefits of Open Banking for our members.
You may already have seen some third-party services in the market today that allow you to view all your bank accounts across different banks in one place – usually in a mobile app. Open Banking will act in a similar way, but will be much more secure, and will allow you to make financial decisions within an app.
One of the first steps to become part of Open Banking is for banks like ours to become accredited, demonstrating to the Australian Government that we can offer secure data gateways to ensure members can feel confident in the security of linking their banking data via an app.
The Government’s Consumer Data Right (CDR) will allow you to more easily compare products and pricing by using your real data, rather than estimates or having to fill out forms, help manage your budget and stay on top of your accounts across banks, and make it easier to apply for loans or products. Ultimately, this will put your financial empowerment in your hands. You will be able to choose to share account balances, the type of account and transaction information, including the transaction amount, date and the description and build a picture of your spending, by grouping transactions into categories like rent, groceries or entertainment.
At its simplest, Open Banking gives you choice, control and convenience and, as an opt-in and opt-out service, sharing your data securely is completely in your hands. You’re in control of your data at all times and can choose to share as much or as little as you want.
At P&N we’re already hard at work to provide our members the very best Open Banking has to offer. You may have seen recently we announced a partnership with a purpose-driven Fintech that will see the future of banking reimagined through a suite of digital banking tools. We’ll share more about this exciting initiative in our next edition of & News.
Want to find out more? Find out everything you need to know about Open Banking.