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
The Australian Banking Association (ABA) welcomes the release of the 2025-26 Federal Budget that maintains confidence in our financial system. The ABA welcomes initiatives to: “This Budget provides extra support to Australians in the short-term whilst at the same time helping to address some of our longer-term challenges,” Ms Bligh said. “There are modest measures… Read more »
Banks are continuing to play their part in the fight against scammers, as the ABA welcomes a new report showing scam losses fell by almost 26 per cent last year. The ABA acknowledges the release of the 2024 Targeting Scams Report by the National Anti-Scam Centre showing combined reported scam losses fell by $700 million… Read more »
Banks are on standby to assist customers across Queensland and Northern NSW who might be impacted by Tropical Cyclone Alfred in the coming days. ABA CEO Anna Bligh said banks are closely monitoring the developing situation along the east coast and are putting in place arrangements to support customers in affected areas. “This is a… Read more »