The first phase of the Open Banking regime for consumer data sharing has launched today, with the potential to deliver new and innovative products to Australian consumers.

Rachel Slade, Group Executive, Personal Banking said: “We’re pleased to be taking this first step in the launch of Open Banking today and we’re ready to support customers if they choose to share their consumer data* with an accredited data recipient.

“A competitive and innovative financial services industry is critical to ensuring great customer outcomes, and the growth of the economy more broadly, with opportunities for further innovation and new business models to be established.

“We’ve invested heavily in our technology foundations and in our people to build a great customer experience that has been focused on ensuring the safety and security of customer information.

“It will take time for customers to develop familiarity, trust and understanding in using Open Banking.  We’re continuing to prepare for future phases that will allow our customers to share more of their data, should they choose to do so.

“We will continue to invest in the Open Banking regime as future phases are developed and new customer experiences are released, while ensuring that speed is not prioritised over safety. This is critical to building confidence in the system,” Ms Slade said.

For more information on Open Banking, visit nab.com.au/openbanking

*Relating to credit and debit cards, deposit accounts and transaction accounts.