Westpac NZ CEO Urges Fintech Accreditation to Speed Open Banking

New Zealand should consider an accreditation regime for emerging fintechs if it wants open banking to get support from consumers, according to Westpac New Zealand Chief Executive Office Catherine McGrath.

Open banking lets consumers share their financial information with third parties, theoretically making it easier for customers to switch between lenders to get better deals. That will encourage incumbent banks to be more competitive and will allow new entrants into the industry, according to a recent Commerce Commission report into banking competition.