In his recent article, James Eyers writes that Treasurer Scott Morrison has told leaders of the fintech industry he’s counting on them “not to stuff up” the implementation of open banking because he wants the government’s new consumer data right to be a driver of competition and productivity gains across the economy.
“I am frankly counting on you not to stuff this up. You need to make this work … In today’s global economy, the ability for economies to become more productive is not being done the old way: the biggest transformer of productivity [will be] innovation.”
– Scott Morrison
Xinja co-founder Van Le, told the Innovation Summit that open banking is making the start-up rethink customer relationships.
“Is the role of a bank simply to store your money, or is it now open to us to do more interesting things, like be a mirror to people for where they are spending, what their habits are, and are they getting the most value possible?” she said.
Mr Morrison said fintech start-ups’ willingness to focus so intently on customers should be a lesson for the big bank CEOs. “Fintech is the most customer-focused part of the economy that I have seen,” he said. The speech was delivered at the 3rd Annual Australian Fintech Awards, hosted by law firm Ashurst.
The content above does not represent any form of advice and Xinja has obviously not considered your individual circumstances in preparing this. It is simply a few thoughts on money to get the conversation started.