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Westpac today announced the launch of its “Data Driven Experience Platform”, a customer insights and analytics hub which pulls data from across Westpac Group. The bank says the hub will help propel its digital push and prepare it for the upcoming open banking regime. The platform was co-designed and backed

Depending on what type of bank a consumer uses – major, regional, mutual or neobank – they have varying levels of trust according to a new report from Deloitte.  The report, Open Banking: Switch or Stick? Insights into customer switching behaviour and trust shows the differences in trust between major

Westpac CEO Brian Hartzer says the bank needs to do a better job when it comes to getting its customers to use the digital innovations they have built.  Speaking yesterday during a panel at IBM’s Cloud Innovation Exchange in Sydney, Hartzer said the bank had introduced more than 100 new

Most Australians are now banking exclusively through digital channels, according to Boston Consulting Group’s annual retail banking report, which sounds a warning for banking incumbents. BCG says technology and rising consumer expectations are eroding incumbent banks’ long established advantages and younger consumers see less value in their traditional offering of

Regulators today revealed Australia’s upcoming Open Banking regime, currently in a testing phase, has missed several milestones and is under pressure to meet its February 2020 go live date. Open Banking is the first use case of Australia’s new Consumer Data Right, a data portability scheme designed to encourage innovation

Money is pouring into Australia’s fintech sector as regulatory changes and digitally savvy consumers look set to open up the industry. A new report from Pegasystems, a global software company built on decades of success with large American banks, suggests Open Banking in particular could be a breakout moment for Australia’s growing cohort of

Open banking start-up Basiq has concluded its Series A funding, securing investment from Salesforce Ventures, NAB Ventures and Westpac’s Reinventure.   The fintech platform provides access and insights into financial data that it says enables organisations to take advantage of open banking via a consent-driven model that can obtain customer

Open banking is being rolled out across Australia over the next year as a response to the lack of competition in Australia’s banking sector. The scheme, which will force banks to release customer data, is potentially a serious threat to Australia’s incumbents. The Big Four, however, also have a golden

A neobank, budgeting tools and payment services are among the first 10 companies selected by the ACCC to trial data sharing as part as Australia’s incoming open banking regime. Open banking, based on the recently passed Consumer Data Right (CDR) legislation, is set to kick off formally in February 2020,

The ACCC will soon reveal the first five to ten companies to get accreditation to receive open banking data. That accreditation however only buys them a ticket to the dance and gives them the opportunity to participate in testing. They will still have to prove their technical and process bona