Open Banking: Consumers still trust banks more than startups with their financial data

The introduction of Australia’s Open Banking regulations next year could pose a threat to traditional banks by allowing consumers to access their data and move it to new competitors more easily. But trust remains a key issue for insurgents and incumbents alike.

According to a survey of more than 2,000 Australians conducted by Accenture, 66 per cent of respondents say they are not willing to share financial data with non-banking third parties.

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