Australia: Macquarie Bank launches Macquarie Open Platform for Open Banking

The subject of Open Banking has become a hot topic in financial services, particularly as Europe and the UK move toward implementing processes to enable banks to share data with third parties. Open banking is also garnering significant attention in Australia as the federal government announced their intentions to introduce an open banking regime in Australia. Federal Treasurer, Scott Morrison, said the move towards Open Banking, “will empower consumers to seek out banking products better suited to their needs.” Macquarie Bank will be among the first in Australia to empower its customers through Open Banking following the launch of the Macquarie Open Platform.

According to RFi Group data from March 2017, 18% of smartphone owners are aware of fintechs, whilst only 4% currently use products and services from them. The Macquarie Open Platform could be an important gateway for customers to understand and use products and services from fintechs. 

The Macquarie Open Platform enables customers to integrate their banking data with third parties seamlessly and securely. The Head of Personal Banking at Macquarie Bank, Ben Perham, explained that the new platform will give customers, “complete control, in that they can choose to connect these services if they wish to, and disconnect if they want.” The platform will be open to a list of fintechs approved by Macquarie Bank and will also allow fintechs to test dummy data. While there is a lot of talk about fintechs, consumer adoption of products and services by fintechs in Australia remains low. According to RFi Group data from March 2017, 18% of smartphone owners are aware of fintechs, whilst only 4% currently use products and services from them. The Macquarie Open Platform could be an important gateway for customers to understand and use products and services from fintechs. 


Source: RFi Group Australian Digital Banking Program, March 2017

Upcoming Events
14
Sep
21
Building a Better (Digital) Banking Experience
London, England, United Kingdom
16
Sep
21
Building a Better (Digital) Banking Experience
Singapore, Riverview, Singapore
21
Sep
21
APAC Webinar: Satisfying the banking APPetite
London, England, United Kingdom
21
Sep
21
UK Webinar: Satisfying the banking APPetite
London, England, United Kingdom
See all upcoming events
map4
Subscribe to receive insights delivered straight to your inbox
Latest news, unbiased expert analysis and insights across banking and finance