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Bankers Association warms to Open Data

22 November 2017 5:58PM
The Australian Bankers Association, keen to link Open Data to security and privacy risks, has latched onto a recent Galaxy Research online survey on "Australians' Attitudes to Digital Innovation & Data Security".The Galaxy poll of 1000 people found Australians believe banks are better at keeping their personal data secure than government agencies, online retailers or social media platforms. Reacting to the results, ABA chief executive officer Anna Bligh, commenting earlier this week ahead of the ABA's second Open Data Symposium, said banks take data very seriously, spending millions to ensure their systems are safe: "With the introduction of Open Data across the Australian economy next year, consumer privacy and security is front of mind," she said. The ABA was also running - almost in parallel with its safety warnings - a set of positive comments, noting that open data will make comparing bank products and services easier as financial institutions standardise such things as terms and conditions and pricing. "Giving customers the ability to share their data more easily will help them to shop around for deals and get the best product for their needs," Bligh said via media release yesterday."This represents a significant change from the current system and puts the power squarely in the hands of the customer, allowing them to decide how and when, or if, their information is shared."The ABA, is moving away from the initial reticence exhibited by the major banks' CEO's in front of successive House of Representatives committees, and heading to fully embrace the Open Data regime.In September, the Association opened its submission to the "Review into open banking in Australia" by asserting that its "members intend to fully participate in the Open Banking regime in response to the needs of customers and the opportunity to provide more innovative and personalised banking products and services."

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