The Australian: Consumers not aware of open banking

The Australian: Consumers not aware of open banking

Originally published: The Australian, 1 December 2019

Knowledge about Australia’s sweeping open banking regime, which begins in two months, is at dramatically low levels, a new survey has found.

More than three-quarters of 1000 people surveyed last month by market research firm Pureprofile said they didn’t know about open banking. Just 11 per cent of respondents knew what open banking was.

The Pureprofile survey highlighted the biggest concern about open banking, centred on security of an individual’s data, with almost half of respondents saying they were not comfortable sharing their data with other banking and financial services providers.

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