The state of Open Banking Report 2020

The state of Open Banking in Australia

Welcome to the inaugural edition of ‘The State of Open Banking in Australia’, published in November 2020.

The Report, based on interviews with key industry leaders and a survey of 161 finance and broking professionals across Australia’s financial sector, highlights there’s a strong appetite for investment in Open Banking and a broad variety of popular use cases that could revolutionise the way Australians engage with their finances.

71% of industry respondents intend to use CDR data, with almost 60% stating that they intend to use CDR data within the next 12 months.

The most popular Open Banking use cases

As for use cases, streamlining the lending process through Income & Expense verification was identified as is the most popular immediate use case for Open Banking with 56% of respondents rating it as valuable, followed by onboarding automation (52%) and account verification (41%).

Download the free report

Download the free report to find out more about the biggest challenges CDR currently faces, and which sectors are most likely to invest in Open Banking in the short term.

Packed with background information, survey results and insightful interviews with industry leaders from Virgin Money Australia, P&N Group, Parpera, Regional Australia Bank.

Download the free report below.