Question of the Week

Questions of the Week

Co-founder of the Switzer Report
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1. What are the implications of ‘Open Banking’ for the big 4 banks?Obviously a good thing for consumers but does it have the potential to make drastic changes to their bottom line?

There are some, mainly the Fintech promoters, who argue that Open Banking will have a huge impact on the industry. Others, like me who have been around a little longer and know just how difficult it is to stir consumers out of their slumber and the inertia to change, think it will have little impact. 

It can’t be a bad thing for either consumers or new banking/Fintech aspirants, But I just can’t see it being the “make or break” when it comes to consumers being prepared to consider financial services from other providers. 

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