The Commerce Commission says New Zealand’s banking sector is uncompetitive. But in the rush to fix the problem, regulators need to ensure they don’t introduce risk and instability into the system.
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New Zealand is preparing to roll out so-called ‘open banking’, Europe can offer valuable lessons on how best to open the financial system to new players.
At the core of changes already underway is that the customer not the bank will own their banking history. It’ll make switching easier, and it’s about to spread to other services.
New waves of products offered by FinTech companies are likely to spur banks to compete in a space where they have been slow to innovate.
Challenger banks are on the rise but they need to prove themselves to be trustworthy to survive – and profit.
Words matter – not just for building trust and understanding, but for weighing up legal issues. So maybe “open” and “shared” aren’t the right words to use when we refer to our data.
Open banking will see customers use their data in a whole range of ways, including seeing how they are faring financially against people in similar situations.
Principais colaboradores
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ARC Laureate Fellow, Scientia Professor of Law, UNSW Sydney
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Data protection and surveillance stream lead, Allens Hub for Technology, Law and Innovation, UNSW Law Faculty, UNSW Sydney
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Senior research associate, University of Sydney
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Professor and Chair in Financial Technology (FinTech) & Information Systems, University of Manchester
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Professor of Entrepreneurship and Innovation, University of Oxford
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Lecturer in Corporate Law and Corporate Governance, Western Sydney University
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Associate Professor, Faculty of Law & Justice, UNSW Sydney
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PhD Researcher, Warwick Business School, University of Warwick
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Professor of Finance; (Banking, Fintech, Corporate Governance, Intangible Assets), EM Normandie
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Associate Professor of Accounting and Capital, Te Herenga Waka — Victoria University of Wellington
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Lecturer in Accounting and Finance., University of Waikato
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Associate Professor, University of Waikato
