Fintechs accuse banks of sabotage on ‘open banking’

Financial technology start-ups attacked the banks for attempting to sabotage the consumer data right, arguing their figures on low usage misrepresent growing interest in the regime and arguments that no major use cases have materialised are simply naive.

After the Australian Banking Association released a report by Accenture showing only 0.3 per cent of customers are using open banking, the first industry adoption of the right, industry group FinTech Australia questioned the reliability of that data and called on the government to release the actual figures.