Status: Draft -- Not PublishedWill be live at 10/11/2018 00:00
FRT Episode 10: Westpac CEO Brian Hartzer talks Open Banking
Thursday, October 11, 2018
We welcome Brian Hartzer, Westpac CEO and a member of the IIF Board of Directors, to FRT. We visit Brian at Westpac's offices in Sydney, where he shares his thoughts on the emergence of open banking, and what it means for innovation and personalized offers, customer protection and competition in banking.
The Australian market is an especially interesting case study in open banking, with new legislation that follows the Farrell Report's earlier analysis. Significantly, the Farrell Report had recommended the inclusion of a form of reciprocity between market participants, though the inclusion of this (and its form and timing) are still under debate.
Brian highlights the opportunities for firms that can most effectively use data and invest in analytics, and how this can help enable an enhanced range of competitive offerings that can be extended to customers, but with a cautionary note on the need to fully understand the privacy and security implications.