National Australia Bank (NAB) welcomes the announcement from Treasurer the Hon Scott Morrison MP on the introduction of an Open Banking regime as a significant development in the Australian financial services sector.

NAB Chief Operating Officer Antony Cahill said the arrival of Open Banking has the potential to change the competitive landscape of the industry for the benefit of customers.

“Open Banking will give customers more control of their data, and has the potential to improve the speed of decision-making processes and open up opportunities to enhance customers’ experiences,” he said.

“It could also introduce new ways for banks to compete and allow new entrants to provide financial services.

“While implementation of the regime is going to be complex and challenging, we welcome the phasing of products covered by the regime.

“We look forward to working with the ACCC, the Office of the Australian Information Commissioner and Data61 through the process of implementing the regime to make sure we get this right for customers.”

Mr Cahill said learnings from the UK experience towards an Open Banking regime had helped in shaping NAB’s views and it was important to learn from those insights.

“In our contributions to the policy debate, we have advocated for a number of key elements such as the phasing of products, the importance of ensuring the regime protects customers and the ongoing resilience of the broader financial system, as well as the need to provide a level playing field for all participants.

“Our focus must be on ensuring this change is implemented in an appropriate manner and that speed isn’t prioritised over safety; this is critical to ensuring the long term success of the regime and maintaining customer trust.”