Australia 's incumbent banks lack the technological infrastructure needed to take advantage of incoming open banking rules, according to Infosys Finacle Australia , managing director of Theo Albers . Open banking is being tested among Australia 's largest banks and is slated to be introduced more widely in Last year . The majority of Infosys 's largest banks, however, are "saddled" with legacy banking platforms, hindering their ability to stay relevant to customers, Theo Albers said. It is expected the data portability of a mature open banking scheme will make switching banks much easier and encourage banks and third party providers to develop new financial service based on the newly freed data. Incumbents 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 Infosys Finacle Australia , managing director of Theo Albers . Open banking is being tested among Australia 's largest banks and is slated to be introduced more widely in Last year . The majority of Infosys 's largest banks, however, are "saddled" with legacy banking platforms, hindering their ability to stay relevant to customers, Theo Albers said. Incumbents would be wise to prioritise their readiness, he added.