$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...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Property

Maria Slade: In defence of the villa

Removing protections from Auckland’s character homes won’t solve the housing crisis.

Maria Slade 5:00am

Technology

Creative HQ pushes startups out the door

The innovation hub's alumni companies are valued at an estimated $1.3b.

Greg Hurrell 5:00am

Creative HQ pushes startups out the door

Business

NZ agency Thompson Spencer enters Australia post-merger

More Australian offices and acquisitions could be on the cards, co-CEO says.

John Anthony 5:00am

NZ agency Thompson Spencer enters Australia post-merger

Sponsored

Bayleys Total Property Issue 3 out now

Backed by Bayleys’ national strength and global reach

Bayleys

Sponsored

Go beyond reporting zero emissions

Clean energy that helps businesses and communities thrive

Meridian Energy

More Finance

Finance

FNZ extends controversial catch-up offer

Fintech FNZ has extended its deadline for “catch-up” equity offers, as employee shareholders say discontent grows.In March, the global fintech offered its class B shareholders a “catch-up” offer after it revealed their holdings could be massively diluted following its August capi...

Victoria Young 16 Apr 2025