Industry welcomes ComCom’s plans for open banking

While it's not a "silver bullet", open banking is expected to promote competition in the personal banking space. (Image: Getty)

Ben Moore

Wed, 21 Aug 2024

The industry response to the Commerce Commission’s report into personal banking has been broadly positive, with the potential for open banking at the forefront.The report made 14 recommendations for how to improve competition in the personal banking services market.Finance Minister Nicola Willis and Commerce and Consumer Affairs Minister Andrew Bayly said the Government will act on all 14.BusinessDesk approached several fintechs, Payments NZ, Kiwibank and the Big Four banks for comment. Westpac and Kiwibank were unable to respond in time...

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