Australia 's incumbent banks lack the technological infrastructure needed to take advantage of incoming open banking rules , according to Theo Albers , managing director of Infosys Finacle Australia . Open banking is being tested among Australia 's largest banks and is expected to be introduced more widely in February 2020 . “To be prepared to take advantage of the opportunities that an open banking ecosystem will create, at the very minimum banks will need to ensure they have a modern, proven truly digital platform on powering their operations,” Albers tells Which-50. The majority of Australia 's largest banks , however , are " saddled " with legacy banking platforms , hindering their ability to stay relevant to customers , he said . It would be wise to prioritise their readiness , he added .
Australia 's incumbent banks lack the technological infrastructure needed to take advantage of incoming open banking rules , according to Theo Albers , managing director of Infosys Finacle Australia . Open banking is being tested among Australia 's largest banks and is expected to be introduced more widely in February 2020 . The majority of Australia 's largest banks , however , are " saddled " with legacy banking platforms , hindering their ability to stay relevant to customers , he said . It would be wise to prioritise their readiness , he added .