Skip to main content
Financial Assistance Hub

Open Banking data flows from today

1 July 2020

Today Australia’s four major banks open up their data so that customers can share it in order to get the best deal possible on credit cards, savings accounts and other deposit products. 


The system will start small today but ramp up over time. By the end of the year the ACCC anticipates there will be dozens more companies accredited to help customers get a better deal. The more accredited companies means the more competition there is battling it out for Australian customers searching to get the best deal for them. 

CEO of the Australian Banking Association Anna Bligh said that as the system ramps up it will provide consumers with greater access to personal information, as well as the ability to allow banks to provide safe and secure access to share their data with third parties. 

“Customers can be assured that they will always be in control of how and when they share their data.”

ABA CEO Anna Bligh

“From today, customers will be able to give permission to accredited third parties to access their banking data while they search for a better deal on banking products.” Ms Bligh said.

“This sharing of data is a watershed moment for competition in the banking industry and, in time, will enable every Australian to use their data for their own benefit. 

“Customers can be assured that they will always be in control of how and when they share their data. 

“This is a great achievement by the major banks. Despite moving the majority of their workforce to work from home and processing unprecedented numbers of customer queries and loan deferrals as a result of COVID-19, the banks have stayed on plan and delivered Open Banking and ensured the data will start to be shared from today,” she said.  Initially just the four major banks will be part of the system. Other banks will join in the next 12 months.

ENDS
Contact: Rory Grant 0475 741 007

Learn more about Open Banking and the Consumer Data Right (CDR)

Latest news

1 / 3
Transcript
Anna Bligh interview on 2GB Afternoons with Michael McLaren
22 April 2025

Michael McLaren (Host): Well, here we are at the Easter Show, the great celebration of country life in the city, but it’s also an important platform this to better understand the challenges that the regions face. Now, yesterday, we looked at the floods. Today, I want to look at the banks. Now in the regions,… Read more »

Read more
Media Releases
Banks continue to support FNQ flood recovery efforts
3 April 2025

The ABA is reminding customers across North and Far North Queensland that they don’t have to tough it out on their own, as they continue to recover from February’s severe flooding event. ABA CEO Anna Bligh recently met with Queensland’s State Recovery Coordinator Andrew Cripps to discuss how banks can assist customers facing financial difficulty… Read more »

Read more
Media Releases
Banks offer support to customers impacted by flooding in western Queensland and parts of NSW
2 April 2025

Banks stand ready to support customers in western Queensland and parts of New South Wales affected by heavy rainfall and flooding. ABA CEO Anna Bligh said customers don’t have to tough it out on their own and banks have a range of practical measures to assist those facing financial stress. “This is a challenging time… Read more »

Read more