The introduction of open banking initiatives in Australia may not see small businesses reap any initial benefit , commentators have noted . Australia 's largest banks will be introducing open banking measures in July , the first phase of a two - year roll - out which will see consumer banking information shared between financial institutions . The goal is to enhance transparency and provide more personalised products to consumers . It has been mooted that small businesses will benefit from better access to financial services . The immediate beneficiaries of the new rules , however , are likely to be consumer banking professionals , according to commentators .
The introduction of open banking initiatives in Australia may not see small businesses reap any initial benefit, commentators have noted. Australia's largest banks will be adopting open banking measures in July, the first step of a two-year roll-out which will see consumer banking information shared between financial institutions. The goal is to enhance competition and provide more personalised products to consumers. It has been mooted that small businesses will benefit from better access to financial services. The immediate beneficiaries of the new rules, however, are likely to be consumer bank customers, according to commentators.