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[MoreMore Insights] What is Open Banking?



What Is Open Banking?



Open Banking gives you greater control of your banking data.



On 1st July, 2020, the first phase of the Australian Open Banking system was officially launched. It continues to grow as more providers become accredited and further sectors become involved.



Consumers can authorise third party institutions to access all their bank account information in Australia. Under such authorization, the third party can quickly evaluate based on the customer's data, so as to provide personalised and diversified financial services and products.




How Does Open Banking Affect Me?



Customers can share personal data with any authorized institution, and can easily compare different financial products and services they have obtained, and then choose the one that is most suitable to them.




For example, you can see your NAB bank account details within the CommBank app and get a better view of your overall financial position. So there is no need to log on to different sites to check your accounts. And also you will have peace of mind knowing your data is protected by high-security standards.



Therefore, the open banking model will enable banks, customers, and third parties to achieve a win-win situation.



Principles Of Open Banking



After customer's authorization, third-party software developers can use the consumer's bank account data to develop personalized applications and services. This shows the sharing of customer information is the core of open banking.



Open banking allows customers to take initiative of their own data, and also allows banks to guarantee the diversity of financial services and customer experience at the same time.



Questions about Opening Banking? Feel free to contact your professional mortgage brokers at MoreMore Finance to get more information.

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