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Open Banking

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You may have seen Open Banking mentioned in the media over the last year. Not sure what it involves? The first stage for mutuals and other small ADI’s like LCU will go live on the 1st of October and simply involves product reference data being shared (information about our product features, fees, constraints, eligibility conditions etc.)

This allows consumers to view and compare banking products from all institutions to see which best suits their needs.

The second stage involves enabling accredited data recipients to request you share your transaction data in order to provide you with services. For example, if you were applying for a product that required you in the past to submit bank statements, once open banking stage 2 is live, you could instead give them permission to access your transaction data directly through LCU.

Another example is if you had a budgeting app that you wanted to use to track your spending. Upon granting them permission to access your transaction data, you wouldn’t need to manually input any data into the app, it would pull your spending/saving information directly from LCU.

Remember, this is a part of the Consumer Data Right which aims to give you more control over your data. One of the major principles of this is that the consumer controls who accesses their data. None of your data will be shared unless you initiate the process. Granting permission involves multiple checks to ensure that you are sharing the data you want to share, with the provider you want to share it with.

We are looking forward with excitement to the new functionality this infrastructure will enable us to provide our members.  

Enquire Call 02 9859 0585