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

$1.65b project to simplify switching banks a 'flop'
(Image: Depositphotos)
AAP
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...

More Finance

ANZ admits 'unacceptable failure' as bond probe continues
Finance

ANZ admits 'unacceptable failure' as bond probe continues

Regulator is investigating the bank over its bond turnover data.

AAP 25 Jul 2024
ComCom will try to bring down PayWave, credit card surcharges
Finance

ComCom will try to bring down PayWave, credit card surcharges

Card industry tried to regulate itself, Govt has tried, now it is ComCom's turn.

Staff reporters 23 Jul 2024
Massive cyber outage cripples banks and other organisations worldwide
Finance

Massive cyber outage cripples banks and other organisations worldwide

A major cybersecurity outage has taken out computer-reliant services

Dileepa Fonseka 19 Jul 2024