The State of Open Banking 2021
The State of Open Banking 2021 provides readers with a pulse check of where Open Banking in Australia is up to and what is to be expected over the next 12-months.
The report shows an industry that’s ready for takeoff, as data availability has accelerated, APIs have proven fast and reliable, and businesses are more excited than ever to get started.
We explore the opportunities and challenges ahead, and provide an update on all the exciting milestones that have been achieved in the 12-months since we released our inaugural report.
“If you really believe that CDR is the future and it’s of great value to consumers, it’s on you to step up and start participating.”
– Gareth Gumbley, CEO & Founder, Frollo
Industry leaders provide unique insights
In September 2021, we spoke to a number of Australian finance industry professionals to provide input into the State of Open Banking in 2021.
The report includes:
- Interviews with P&N Bank, BOQ Group, AFG and NextGen.Net
- Case studies from Regional Australia Bank, REA Group and Commonwealth Bank with each providing unique use cases
- An in-depth analysis from our annual survey of 131 respondents covering key topics such as Open Banking awareness, participation and views on the CDR regime.
- And many more insights and visuals broken down and dissected.
The findings from the report demonstrate that Open Banking in Australia is starting to gather momentum with many committing to using it over the next 6 to 12 months. It is backed up by a late surge in accredited data holders coming online in 2021.
The Consumer Data Right
Over the last 18 months, the Open Banking ecosystem has expanded and improved, to deliver the coverage and performance required to build great user experiences.
As we enter the final phases of the initial rollout schedule for the economy-wide reform, we undertook an industry deep-dive to provide the latest insights into the CDR.
We cover key elements including:
- An overview of data holders and recipients
- Why consumers are wanting to see more
- The most popular financial products to be added to the CDR roadmap
- The latest updates to Tiered Accreditation
- A local and global perspective on what’s next for CDR
Download the State of Open Banking 2021
Deliver better customer outcomes with Open Banking
The Frollo Open Banking platform helps banks, fintechs, lenders and brokers use Open Banking data to deliver better customer outcomes.
Our end-to-end platform provides proven and fully integrated solutions for:
- CDR data collection
- Transaction enrichment
- Use cases: PFM, customer onboarding, lending
Who we're working with
Frollo is an Open Banking intermediary. We help banks, lenders, fintechs and other organisations use Open Banking and AI to deliver better customer experience.
Clients like ANZ and P&N Group use Frollo’s market leading Open Banking platform to power their CDR experiences.