Open banking
29 September 2020
A new digital plan announced by the Federal Government is a major step forward that will modernise the way Australians do business and deliver significant benefits to consumers.
“COVID-19 has highlighted century-old regulations slowing business down”, said ABA Chief Executive Anna Bligh AC.
The ABA is part of a coalition of business groups advocating for the fast tracking of moves to a paperless, contactless digital economy.
“These changes will make banking faster and easier”, Ms Bligh said.
The Australian Banking Association applauds the permanent changes allowing electronic transactions and virtual annual general meetings.
“It’s now vital that state governments follow suit, and work together through the national cabinet to ensure state and territories laws are consistent and enable consumers to conduct a range of everyday activities such as electronic mortgages”, Ms Bligh said.
“It’s now vital that state governments follow suit, and work together through the national cabinet to ensure state and territories laws are consistent and enable consumers to conduct a range of everyday activities such as electronic mortgages”
ABA CEO Anna Bligh
The Government’s funding for implementing and expanding the Consumer Data Right for open banking is also a welcome move.
Open banking will enable Australians to switch banks more easily and find products that suit their needs. The consumer data right will enable the safe and secure transfer of consumer data.
The Australian Banking Association looks forward to working with the Government to deliver the changes.
A new digital economy
Latest news
E&OERadio InterviewABC Radio Sydney29 July 2026 Topics: ASIC report into offset accounts Thomas Oriti: Do you have an offset account? I think most people with a mortgage do. If you don’t know what I’m talking about, it’s an account that’s linked to your mortgage and it saves you interest. So, I’ll give you an example…. Read more »
E&OETV InterviewABC News29 July 2026. Topics: ASIC report into offset accounts Ros Childs: Borrowers are being advised to check if they have paid more interest than they should following an ASIC review. The two-year review conducted by the corporate watchdog has found weaknesses in how eight banks monitored and managed offset accounts, resulting in borrowers… Read more »
E&OETV InterviewDoorstop29 July 2026 Topics: ASIC report into offset accounts Journalist: Simon, what’s your reaction to the report from ASIC today? Simon Birmingham: ASIC’s report is really important and it’s welcomed by the banking industry. This report shows that in well over 99 per cent of cases, mortgage offset accounts are working exactly they should… Read more »