“Grow Super, part owned by IOOF, and Basiq, part owned by Westpac Banking Corp and National Australia Bank, have worked together to build the software that provides alerts to advisers about when to call their clients.”
“It is obvious from the royal commission going on that there is a lot more that banks can be doing to tighten up processes and open banking is a solution for that” – Damir Cuca, CEO and founder of Basiq.
Basiq already provides fintechs with secure access to some of the data on consumers held by banks. Its founder, Damir Cuca, says open banking could make life easier for consumers by enabling services like on-the-spot approval for customers who want a loan based on shared transaction history.
Speaking on a panel at the AustCyber (formerly the Australian Cyber Security Growth Network) National Fintech Cyber Security Summit in Sydney yesterday, fintech leaders argued they need time to earn the public’s trust, and that being transparent was a good way to do so.