Doors closed to fintechs

Ian Rogers Fintech

The trust deficit in banking may have a buddy in fintech land, raising questions over business models depending on the “open banking” principles that will soon apply in Australia.

Data61, the Consumer Data Standards section of CSIRO, has conducted qualitative research panels with 115 respondents, the highlights of which were shared at the Indue Leaders Forum in Sydney yesterday.

Asked, “Who do you trust?” the answers may be surprising.

There was “zero per cent trust in big tech, like Google and Apple,” Michael Palmyre, design and research lead at Data61 told the forum.

Then there was “zero per cent trust in fintech,” he added.

Palmyre said 40 per cent “did not trust anyone”, with one third fearing Centrelink would be granted access to their data.

On the other hand, he said, separate research suggests two million people in Australia are willing to switch their bank accounts.

“Customers are seeking control, so a key differentiator is trust,” he said.