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. Overall, the entire industry and consumers will benefit from the shift to Open Banking, Albers said. The Australian Competition & Consumer Commission (ACCC) has been investigating whether or not ANZ Bank, Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB) have breached their obligations under the new rules for opening 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 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 Australian Competition & Consumer Commission (ACCC) has been investigating whether or not ANZ Bank, Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB) have breached their obligations under the new rules for opening Incumbents would be wise to prioritise their readiness, he added.