13/05/2026
Introduced in 2020 as part of a government-led reform known as the Consumer Data Right, Open Banking remains relatively new in Australia.
“Open Banking allows us to hand our financial information over to someone else you trust, in a safe and controlled way, so they can do something useful with it,” says CBE digital transformation researcher Dr Priya Muthukannan.
By allowing accredited third parties to access financial data safely, she explains, Open Banking is already giving people more control over their data, improving decision-making and streamlining old-fashioned processes.
“Before this shift, your financial data was basically stuck. It sat inside your bank, and if you wanted to do anything with it you had to print statements, fill in forms, and wait days for a decision,” she says.
Analysing the historical evolution of Open Banking and how it’s been governed, Priya discusses how far we still have to go before we realise its full potential.
Read more via the CBE News site: https://cbe.anu.edu.au/news/open-banking-revolutionising-global-finance-can-australia-keep