Open Banking began in Australia last month, promising to set free customers’ financial data, and spur innovation and competition in a sector historically dominated by just four banks. 

Under Open Banking customers can request Australian banks securely share their data with accredited third parties for use in other financial tools and services.

But there are early reports of struggles with the accreditation process and a lack of consumer awareness.

In this week’s Minicast, Damir Cuca, founder and CEO of Basiq, a fintech which hopes to act as an intermediary in the open banking system, explains the current state of play and argues the need for more innovation in Open Banking.

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