Open Banking - a huge business opportunity
Open banking is the sharing of financial data between consumers and financial institutions via open APIs (application programming interface).
Open banking will begin in Australia in 2020. In the lead-up, financial services organisations across Australia are getting ready, and some of the critical questions they must explore include:
“What do we need to do to comply with open banking requirements?”
“How do we turn open banking into an advantage for our business?”
“How can open banking fit into our broader strategy?”
Moneytree is helping Australian financial organisations such as banks to understand the opportunities and make full use of the business benefits that open banking will enable.
With years of experience gained from operating in Japan’s open banking environment, as well as being part of the development of the Consumer Data Right in Australia, Moneytree has developed a strategic open banking solution for financial services organisations. The solution encompasses three phases:
Phase 1: Discoveryidentifying the opportunities and challenges of open banking in Australia.
Phase 2: Accreditationensuring the organisation achieves accreditation to participate in open banking in Australia.
Phase 3: Enrichmentdeveloping the necessary tools, products and services to maximise the business benefits of open banking in Australia.
Moneytree can assist your organisation realise the tremendous opportunity that is open banking.