$1.65b project to simplify switching banks a 'flop'

(Image: Depositphotos)

Thu, 04 Jul 2024

By Derek RoseA banking industry-backed report says just 0.3% of bank customers were actively using the data-sharing arrangements made possible by costly investments.A much-ballyhooed "open banking" regime has been a costly, little-used flop that has hindered competition rather than helping it, according to an industry association-funded strategic review.The report by Accenture found that 0.31% of bank customers had an active data-sharing arrangement under Australia's Consumer Data Right rules at the end of 2023, four years after t...

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