What is Open Banking?
In 2019, the Australian Government passed the Consumer Data Right (CDR) legislation, which is often referred to by the banking industry as Open Banking.
Open Banking aims to provide greater choice and control for Australians over how their data is used and disclosed. It will allow consumers to access their banking information in a usable form by directly transferring that information to an accredited data recipient.
Why would I want this?
It is anticipated Open Banking will increase competition between banks and all financial institutions and accredited third parties, by making it easier for consumers to compare and switch. It will give you more control of your data, and greater visibility to manage your finances better.
Is it secure?
At Great Southern Bank, data security is of utmost importance and Open Banking is no exception. Open Banking is your choice, and your data will be protected by privacy safeguards, which will keep you in control of how companies can use your data.
Third parties providing services via Open Banking must be accredited by the Australian Consumer and Competition Commission (ACCC) and comply with all privacy and security requirements.
When is it available to Great Southern Bank members?
Product information is now available
Information about our savings, transactions, term deposits, credit card, home and personal loan products including features, eligibility, rates and fees is available now. The remaining products, namely business loan and overdraft products, will become available soon.
Member and account transaction data – Coming Soon
Great Southern Bank’s members will start getting access to share their data, starting with information about themselves and their savings, transactions, term deposit and credit card accounts.
Can I opt out of Open Banking?
If you choose to use Open Banking, you will start this process from an accredited Data Recipients site and then be securely transferred to Great Southern Bank to authorise the sharing of your data . You’ll then need to give your consent for us to share any of your information. You can change your mind and revoke your consent at anytime.
Who can I contact if I have more questions?
For more information about Open Banking at Great Southern Bank, you can call us on 133 282.