Open Banking in Australia: Low Adoption Despite $1.5B Investment

2 July 2024

The Australian Banking Association (ABA) found banks spent Au$ 1.5 billion over the last 6 years to make Open Banking (or the Consumer Data Right - CDR) work but only 0.3% of customers use it (or about 197,000 active arrangements). The top 5 CDR recipients (Frollo, WeMoney, Flamingo, Beforepay Group and CashnGo Loans) make up 3/4 of total data shares. regime. But Basiq has helped about 930,000 Australians share their data via the consumer data right. More data-sharing arrangements on Basiq’s solution are now done through CDR, which has better connectivity performance, over the prior method of screen scraping. -