Research from the Unisys Corporation revealed that more than a third of Australians are open to data sharing in an Open Banking environment, as long as privacy and security concerns are ensured.
The Unisys APAC Banking Insights survey assessed the attitudes of banking customers in Australia, Hong Kong, Malaysia, the Philippines and Taiwan. It also explored their views on the shift toward AI assessing eligibility for credit cards and home loans.
Open Banking is the practice of allowing banks to share data with other organizations in an effort to offer customers new services while also providing banks with alternative revenue streams. The Australian government plans to phase in Open Banking by July 1, 2019, and has received mixed support so far. Of those surveyed, 34% were opposed to it, with 67% citing security concerns as their primary reason.
"For Open Banking to take off in Australia, banks must address customer concerns about how they protect their customer data – not just in the bank, but across all of the departments," remarked Richard Parker, vice-president financial services, Unisys Asia Pacific.
"Partners and agencies in the value chain. The results also indicate that many Australians are unaware of Open Banking and how it impacts them so effective communication by the banks will be key to consumers embracing this initiative."