Open banking is a game changer for the financial services industry in Australia. Securely opening up banking data in a standardized form with the intent of improving customer experiences is the main goal of the Consumer Data Right (CDR). This notion is backed by the Treasury and the Australian Competition and Consumer Commission (ACCC). The idea of opening up data through APIs to be consumed by accredited third parties may pose several security concerns to banks.
Transforming a conventional business into a digital business is essential to expand the business and increase its productivity. Integrating heterogeneous systems and building an ecosystem with these integrated components are fundamental requirements in the digital transformation of enterprises. Many organizations have one or more legacy systems that provide limited support for integrating with other systems. However, it is impractical to replace all existing systems by building them from scratch.
This article examines the key technology components required for open banking in Australia and how to build your technology vision to stay true to your open banking goals.
Privacy has become a very significant global concern, not limited to any specific country or geographical area. Massive data breaches, data misuse by some large enterprises, and unauthorized surveillance have fueled large scale social movements that demand better privacy regulations and secure technologies. The General Data Protection Regulation (GDPR) in the European Union and the California Consumer Privacy Act (CCPA) are some of the best examples of modern-day privacy regulations that try to address key privacy concerns at present.
