Revolutionising the way you bank
Open Banking is an exciting new chapter in Australian banking that is intended to give consumers more control over their personal account data. The ultimate objectives include increased competition, smarter services and "better bang for your buck" by giving consumers more power to negotiate on things like price and rates.
Being a digital bank, we’re naturally committed to championing Open Banking at ING.
In fact, Open Banking is the first stage of implementing Australia's new Consumer Data Right (CDR, for short) introduced by the Australian government. In coming years it will be rolled out in Australia’s energy and telco sectors too.
So now that Phase One of Open Banking has launched, here’s what it means...