Big banks stalling payments platform, say fintechs
“One way to look at it is if you’re applying for a home loan, it will be much easier. A lender will be able to assess your risk profile based on your data and be able to get a better deal for you if you’re in the lower tiers,” Basiq CEO and founder Damir Cuca in the AFR.
CDR legislation delayed
Mr Morrison flagged the intention to extend the pending consumer data right (CDR) legislation (which enables open banking) to other sectors like telecommunications providers and energy retailers.
Decision making should be for the benefit of the consumer
“One way to look at it is if you’re applying for a home loan, it will be much easier. A lender will be able to assess your risk profile based on your data and be able to get a better deal for you if you’re in the lower tiers,” he said.
“In the past, none of that’s been possible. It’s shifting the balance of power to the consumer.
“There is a concern that we won’t make all the deadlines along the way, but I’m confident the desired outcomes will be reached.”
For the full story head to the Australian Financial Review.
