The Future of Banking in AustraliaMay 14 2020
Written by: Ben Crow, COO at WLTH Finance Tracker
The trust in Australia’s big banks is currently at an all time low. Off the back of the banking royal commission as well as the allegations against Westpac for breaches of money-laundering and counter-terrorism finance laws, there has been a huge shift in consumer behaviour which has presented a strong opportunity for the new neo/challenger banks to make their mark and provide a tech-focused solution for the Australian public.
With the implementation of open banking set to come into effect on 1 July 2020, the opportunity is ripe for the new banks. Why? Because open banking will make it easier for consumers to switch due to the sharing of consumer data, creating a more seamless transition to a new institution.
Brodie Haupt, Co-Founder of WLTH Finance Tracker speaks to ausbiz about the opportunities for the neo/challenger banks, open banking and what the future looks like for banking in Australia.