“The regulations, released in October, align with global best practice and build on successful models in Australia and the UK, where open banking has sped up home loan approvals and enabled new consumer-friendly apps,” Simpson said.
“Open banking will accelerate innovation and enhance competition in the banking sector, creating opportunities for fintechs and smaller players to deliver services that traditional banks have been slow to offer.
“I encourage fintechs to get their accreditation applications in as soon as possible to help Kiwis benefit from open banking.”
Open banking will take time to bed in, but from 1 December the regulatory foundations are in place – and advisers who embrace the new tools and data sources early are likely to gain an edge in speed, accuracy and client experience.
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