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Hybrid Approach: Pressing Go on Open Banking in Australia

Open Banking is well underway in Australia. More Financial Institutions release their Data Holder solutions almost weekly, and consumer awareness of Open Banking is increasing.

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This paper aims to show the continued evolution of Open Banking models in Australia and how hybrid service models can speed the process for service providers. Consumer awareness will continue to grow. So will consumer expectations that they can choose who can access their data and how their data is used, as codified in Australia’s Consumer Data Right (CDR). A hybrid approach to Open Banking gives financial services providers a jump-start in their product offerings and experience while the Open Banking ecosystem continues to mature.