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‘You’re more likely to divorce than switch banks’: will Open Banking encourage more switching?

It’s been said that ‘you’re more likely to divorce than switch banks’. Open Banking (OB) may not help with the divorce rate, but it is intended to make it easier to switch banks. The Big Four banks commenced a pilot of OB on 1 July 2019, and other banks are scheduled to participate in OB from July 2020. What is OB, how does it work, and how does OB relate to the proposed Consumer Data Right (CDR)? Read more...

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