Imagine a world where you benefit from the ‘knowledge’ of you.  A world where the objective is to improve your position in an unbiased way, with your explicit consent, and all free of charge.  Such is the ambition of Open Banking…

Open and honest

We operate in an open, digital economy, where users willingly share personal data and engage in peer-to-peer transactions, brokered on universally accepted Apps.  One only needs to consider the pervasive use of services such as Airbnb, Uber and eBay to confirm the widespread adoption of the digital market economy.

People’s willingness to share data lies in the exceptional user experience provided by open platforms, and the premise of trust. One’s reputation precedes and follows you; and users, both suppliers and consumers alike, vigilantly defend their reputation to ensure continued access to services.

Hindsight = Insight

Your data paints a true picture of you.  No creative accounting; just accurate, high quality data. The Consumer Data Right gives consumers the right to direct that their data be shared with trusted third parties. The implementation will be applied progressively, sector-by-sector, commencing with banking in July 2019, followed by energy and telecommunications sectors (dates yet to be determined). The objective is to drive competition and innovation, providing better and tailored solutions to consumers; while simultaneously supporting data-driven economic growth and job creation.

Integrity and Security

Use of the term ‘open’ does not translate to an open-door melee for data grabbers. Quite the contrary; Right of Admission is Reserved. Entities seeking consumer consent to receive data will need to meet regulated accreditation standards, which will involve strict security protocols and privacy obligations.  Under a dual regulator model, the Australian Competition and Consumer Commission (ACCC) will seek to promote competition, while the Office of the Australian Information Commissioner (OAIC) will mandate strong privacy protections.


In January this year, Open Banking went live in the UK with just 9 incumbent Retail Banks. Today, there are 77 providers registered for either account information or payment initiation services, with numerous applications still pending accreditation.  Possible use cases include comparison sites, personal finance dashboards, budgeting tools, tax advice, even dating apps.  Fancy dating someone who has similar spending patterns?

Free to the Consumer

In accordance with the Consumer Data Right, transfer of regulated data must be provided free of charge.  You heard right.  No barriers to entry, no handicaps allowed.

Untold Opportunities

While speaking at the Finance Edge Open Banking Australia Summit in Sydney last month, Credabl’s own Chief Innovation Officer, Joanne Henaghan was asked to predict what open banking might look like in 5 years.

“I believe consumers will no longer be bound by proprietary online banking interfaces to communicate with financial institutions. They will be entitled to choose an interface that suits them, whether that be Instagram, Facebook or another; or authorise other trusted parties to communicate on their behalf, in a secure, convenient manner.  I see several new apps that are universally adopted, where we ask ourselves the question:  how did we ever manage to live without them?”

Will you be an early adopter to use Open Banking in Australia next year? What do you think Open Banking will look like?

Credabl is committed to developing a digital technology platform to streamline the way in which clients can access their business and personal finance requirements. We are looking forward to the opportunities that Open Banking will present.

To find out more about the innovative lending solutions Credabl has for professionals, contact us today.



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