Open Banking in Australia is ready for take-off. At least, that’s what the industry thinks. After a few years of laying the pipes and setting the groundwork, most businesses are planning to start offering Open Banking powered experiences this year.
But what about consumers? How do they feel about being in control of their data? Do they share the excitement about these new products and services?
We surveyed a group of 1,066 people representing the Australian population (18+) to find out.
The report focuses on answering three key questions:
This consumer research gives us some powerful insights into how our nation feels about Open Banking and can help you build better, more relevant, and successful use cases for your customers.
Australians want Open Banking-powered products and services
Consumers value the privacy and security Open Banking offers
Trust has to be built
Millennials and Gen Z are likely the first to get on board
The opportunity to deliver innovative, personalised products and services with Open Banking is enormous, but it requires its own approach.
The report includes a range of recommendations to set you up for success in your Open Banking journey.
As a leader in Open Banking in Australia, Frollo has published a number of reports, explainers, checklists and infographics to help grow the Consumer Data Right ecosystem.
An overview of challenges and opportunities in Open Banking, based on surveys and interviews.
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An overview of CDR Access models and what they mean
A modular, end-to-end solution for Data Recipients
Connect to 90+ banks with an out of the box, customisable consent flow, data sharing dashboard and advanced user management portal.
Categorise transactions, detect bills, classify merchants and verify income with market leading accuracy.