03 Dec Which-50: Open Banking Will Give Consumers Control Of Their Data, But Most Australians Still Haven’t Heard Of It
Originally published: Which-50, 2 December 2019
The scheduled launch of Australia’s open banking regime is just two months away, however new research shows three-quarters of Australians haven’t heard of the incoming data portability scheme and half are concerned about the security of their data.
Open Banking is a government and regulator-led scheme which mandates banks share consumers’ data in a machine-readable way when the customers request it. However, 77 per cent of Australians have never heard of open banking, according to new research conducted by Pureprofile and communications agency Hotwire.
Just one in ten (11 per cent) know about it, and a further 12 per cent have heard of it, but don’t know what it is. The findings are based on a survey of 1,000 consumers conducted by Pureprofile in November 2019.