CBA welcomes Open Banking

Commonwealth Bank (CBA) is excited to announce the launch of the first phase of the nation’s Open Banking regime for consumer data sharing, which will allow the bank to deliver greater industry leading products and services to more Australians.

CBA has made significant investment in the critical infrastructure required to better support Australia as a leading digital economy, consistent with the Government’s framework. This has required a major effort, particularly during coronavirus, to deliver the nation’s first official consumer data sharing regime.

Angus Sullivan, CBA’s Group Executive of Retail Banking Services, said: “As Australia’s largest bank, with our leading digital services including the CommBank app and NetBank, we are excited by the opportunity to deliver greater industry leading products and services to even more Australians.

“The investment in Open Banking will allow a well regulated and secure framework for the sharing of customer data in Australia and a substantial improvement over other, unsafe practices,” he said.

CBA will continue to invest in the Open Banking regime to ensure it reaches its full potential and benefits CBA’s current and future customers.

“Coupled with the nation’s most powerful Customer Engagement Engine and data capabilities, we will be able to provide new experiences to our customers. On top of existing features such as Benefits finder – which during coronavirus alone has helped 500,000 customers by connecting them to government money and rebates they are entitled to – we are investing to be able to roll out new initiatives in the future.

“At CBA, data security and privacy remains our number one priority and we know that our customers want to engage with organisations that take cybersecurity seriously. We have more than 7 million digitally active customers who trust CBA with their financial information; ensuring their data is treated safely and securely is core to how we protect their financial wellbeing.

“Cybersecurity is a growing, significant issue and the constant threat of online fraud underpins the need for consumers, organisations and Government to take data and account security seriously. CBA is continuing to invest more than $5 billion in technology in the next five years to maintain its digital leadership position,” Mr Sullivan said.

Visit CBA’s Open Banking webpage for more information.