The State of Open Banking 2026 report

The State of Open Banking 2026

Open Banking has moved from promise to everyday practice. Now the question is how quickly we can make it work for everyone.

Frollo’s fifth annual State of Open Banking 2026 report provides a snapshot of Australia’s evolving Consumer Data Right (CDR) ecosystem. Featuring exclusive insights from industry bodies, banks, lenders and fintechs, it reveals how Open Banking is driving real change in lending, overcoming challenges and unlocking new opportunities.

Download the report See the key numbers

Open Banking by the numbers

Mainstream, and still growing

Usage has more than doubled in a year. Lending has become the clearest success story.

1,347,328
Active authorisations
As of June 2026.
4.48bn
API invocations in FY25-26
Up 125% on the year before.
4.83x
Growth in consent volumes
Over the 24 months to June 2026, with no plateau.
234%
Growth in applications using Open Banking data
Through NextGen ApplyOnline® in FY25-26.
120,000
Consents completed with a mortgage broker
Brokers have shown the value. Lenders are building on it.
$1.2bn
A year by 2035
The potential economic benefit of the right CDR policy settings.

Sources: ACCC Consumer Data Right performance dashboard; NextGen and Frollo data; Economic Modelling of Consumer Data Right Reforms, Lateral Economics for FinTech Australia, April 2026.

What’s inside

Six themes from this year’s report

Open Banking is mainstream, and lending is leading
Record authorisations, record API traffic and faster lending decisions.
The consent journey is the biggest opportunity
Simpler first steps at the bank will help more people see consent through.
Reliability needs to keep pace with growth
Data quality is the standout improvement. Infrastructure has to scale with demand.
The right policy settings could be worth $1.2 billion a year
Three decisions before government will shape the next phase of the CDR.
Verified data is a safeguard in the age of AI
Data that flows straight from the source is a key defence against faked documents.
Australia is holding its own globally
A little behind the UK, ahead on multi-sector breadth, with New Zealand and Canada close behind.

With industry and government working together, I’m confident the year ahead can be one of Open Banking’s strongest yet.

Tony ThrassisHead of Open Banking Markets and Compliance, Frollo

In their words

Five voices on the year ahead

Select a face to read their viewSwipe or tap to hear from all five

This is what I describe as a truly friendly competition. For the Australians we serve and the Australian businesses that serve those Australians, this is really a win-win.

Dr Scott FarrellData Standards Chair for CDR and Digital ID, Data Standards Body

Control without speed is no longer protection.

Rehan D’AlmeidaCEO, FinTech Australia

Agentic AI needs data and it needs consent and permission.

Lisa SchutzFounder and CEO, Verifier

All the banks are genuinely committed to making this work.

Grant AugustinFounder and CEO, SISS Data Services

Now it’s no longer whether it’s something that you want to adopt. It’s about how quickly organisations can take the services and embed them into core lending processes.

Wendy den HartogChief Operating Officer, Beyond Bank Australia

Spotlight: Beyond Bank Australia

Open Banking on the front line

Beyond Bank is the first branch-based lender to bring Open Banking into first-party lending, with full end-to-end NextGen integration across broker and branch.