We need a Brazilian moment in open banking

Brazil, like New Zealand and Australia, has four major banks dominating the industry. (Image: Getty)

Thu, 22 Aug 2024

The Commerce Commission and the Government are leaning heavily on open banking to disrupt the “cosy pillow fight” that passes for competition in our banking market.Momentum towards open banking has been steadily building over the past two years, spurred by the development of the consumer data right regime, which persuaded our four big Aussie-owned banks to finally get on board.The Commerce Commission's government-endorsed recommendation that open banking be fully operational by June 2026 will certainly accelerate progress.&...

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