The State Of Open Banking In Australia
Summary
The Australian government has mandated that the Big Four banks comply with open banking by July 2020 and that all other authorized deposit-taking institutions (ADIs) comply by July 2021. Many banks are struggling to get their legacy systems ready for this new data-sharing regime. Digital strategy professionals should read this report to find out what open banking in Australia entails, how financial services firms are responding, and what your bank should do about open banking.
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