This month we were delighted to be profiled in an “Open Banking and Beyond” report from Deloitte and Fintech NZ. This is an annual series of releases aimed at tracking New Zealand’s open banking ecosystem as it evolves.
We don’t know how things will progress in New Zealand, but with the government discussing the implementation of a Consumer Data Right into legislation in 2023; this series of reports will show us how we are tracking as an industry so it will be one to watch closely.
Having already gone through the accreditation process in Australia, with the ACCC, we know how rigorous it can be and that in itself can build confidence with our consumers and partners that we know how to handle data of this magnitude and we are using it for good.
A recent survey of Kiwi consumers by Ernst & Young found that 74% of respondents trusted their bank and the way they secure financial data. If there is a Consumer Data Right in New Zealand we would all have the ability to build that similar reputation.
The report itself is truly interesting and we appreciated getting an overview of so many other non-bank institutes working alongside us in the field.