22 Nov 2022

Open banking: How it works and where to next?

From Nine To Noon, 9:05 am on 22 November 2022

New Zealand is set to push ahead with open banking - continuing the trend toward using technology to open up the banking system.

The government has confirmed the banking sector will be the first to use what's called a Consumer Data Right, where consumers can allow places that hold their data to share it - allowing them to access a wider range of products and services they might want.

Kathryn is joined by Jason Roberts, FintechNZ's executive director to talk about how open banking works and where it could apply to other sectors.

She's also joined by Rob Nicholls, Associate Professor in regulation and governance at the University of Sydney's Business School, to look at what's already happened with open banking in Australia.

If you're interested in finding out more about open banking, FintechNZ are holding a hui in February focused on innovation across banking, payments, insurance, sustainability, wealth, investment and trade. You can find more details here.

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