Open banking initiatives are live, in progress, or under consideration in most major economies around the globe. Open banking is, simply put, recognition that each consumer has the right to access, use, and permission the use of their financial data held by their institutions as the consumer sees fit. This access benefits not only the consumer, but upholds regulations and standards that protect all stakeholders, from the banks to the FinTechs that provide data-powered solutions.
Open Banking is well underway in Australia. More Financial Institutions release their Data Holder solutions...
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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.
Responsible lending requires banks to dig into consumers’ financial data to better understand their financial position and document a borrower’s ability to repay a loan.