“It doesn't have to be an open-banking construct for [banks like ANZ] to be able to share data. We've been doing that from time immemorial,” she says. “It's really around making sure we compartmentalise data to solve specific [customer] opportunities and problems.
“There's almost a parallel run happening with our institutional customers – one which is, how are APIs allowing them to consume bite-sized pieces of data, particularly as they're responding to real-time opportunities in their customer set?”
Meanwhile Vasic adds “there's a consumer-led one - which is the open banking framework - with the rights that sit around the sharing of [anonymised] consumer data to drive our institutional customers to build better propositions to meet customer demand.”
Next year will be critical for open banking as the financial services sector further leverages data the system provides for customer propositions, according to Richard Hough, ANZ’s Insights Initiative Lead for Open Banking.
“We see open banking as a digital innovation platform for the next decade,” he says, noting the supply of consumer data has been slowly building in the local industry since open banking began.
“That’s really getting to the point only now where it's going to be very interesting for data recipients to utilise. Because the full supply of data from major banks and other banks is now in place.
“We're going to see… in the next 12 months an increasing range of data recipients looking to consume that data, to give new customer propositions.”
But for Hough, open banking does not immediately translate into a new set of services or products rather “it's just a way of augmenting the capabilities we already have.”
Vasic said open banking provides a “co-creative” opportunity for the bank and its institutional customers.
“The first thing we've got to think about is actually what is the problem we're trying to solve for our customers? It’s around working with our customers to say, what is the opportunity here?”