Open Banking officially began in Australia on July 1. It will ramp up across the banking sector over the next few months.
Customers will be able to securely share their data to get the best deal possible on credit cards, savings accounts and other deposit products.
“This sharing of data is a watershed moment for competition in the banking industry and, in time, will enable every Australian to use their data for their own benefit.” said ABA CEO Anna Bligh.
A New Digital Economy
Governments have enacted emergency regulations during the pandemic to allow essential transactions like signing of mortgages and company documents to occur electronically.
The emerging digital economy needs a digital framework, and a growing group of industry associations have joined with the ABA to call on National Cabinet to work with state and territory jurisdictions making these temporary changes permanent to save time, money and hassle for Australian customers.
The Path to Recovery
At the beginning of the COVID-19 crisis banks moved quickly to support their customers through the economic shock.
As restrictions begin to ease, the industry is committed to continuing to support individuals and businesses as the economy starts to rebuild.
Banks have now begun the process of ‘checking in’, contacting each customer with a deferred loan, to understand their financial situation and discuss their options during this mid-point of the deferral period
Encouragingly, many deferred customers can resume making repayments now, or will be able to at the end of the deferral period. This is important, returning to paying down your loan as soon as you can is better in the long run for you, your business, and the economy.
ABA Submission to Treasury Review on Enhancements to Unfair Contract Term Protections.
ABA Submission to Treasury on 2020 Financial Institutions Systems Levy (FISL)
Thank You
The ABA has initiated a campaign to thank customers, if they do have to come to bank branches, for their patience and goodwill with the procedures put in place to keep everyone safe. Ads appear on ATMs, in branches, and online, following on from a radio campaign.
Temporary Changes to the Code
The ABA has made temporary changes to the Banking Code of Practice to reflect the impact of COVID-19 on banking services, in the form of a Special Note, which expires 31 March 2021.
The changes acknowledge that during the pandemic and its aftermath, banks are dealing with very high volumes of customers in distressed circumstances and operating in very uncertain economic conditions.
