The first Big Four bank is moving towards open APIs

Elizabeth Barry 30 August 2016

anz data sharing

ANZ is developing new systems that will allow for external data sharing.

ANZ Bank has announced it is designing a system that would allow external organisations to access data held by the bank. It's the first of the Big Four to announce it is actively working towards an open system of data sharing.

Speaking to the Australian Financial Review, ANZ's general manager of consumer digital technology Christian Venter said the bank was increasing its use of cloud platforms as well as readying itself for open data sharing.

"As technology moves on we have had to adapt, there is now a customer demand for everything sooner, faster, better and cheaper and so we as a bank have embraced all of those technologies and changed the way we do delivery," he said.

The announcement comes amidst calls for private sector organisations, most notably banks, to share data with outside organisations through open APIs. Fintech companies and organisations such as Fintech Australia have called on banks to move towards an open banking API regime in order to foster innovation and economic competition.

Open APIs would allow companies to access the wealth of data held by banks and other private companies in order to develop products and services. In the recent explosion of fintech, this issue has become one of the primary complaints of fintech companies.

A draft report from a Productivity Commission Inquiry into "Data Availability and Use" will be released in November 2016, with the final Inquiry report being released in May 2017. Over 200 submissions have been received.

While ANZ is the first to announce its developing systems for open data access, Westpac has also launched a new data management platform called Databank, which will store identity information for companies that are sharing data through Data Republic.

Latest fintech headlines

Gil C / Shutterstock.com

More help from finder.com.au

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question
feedback