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 .
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 slated 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, Albers said. Incumbents would be wise to prioritise their readiness, he added.