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Monday, 13 August 2018 15:09

Open Banking isn't a one-way street

By
ForgeRock Asia Pacific senior vice-president John Donovan ForgeRock Asia Pacific senior vice-president John Donovan

Open Banking is sometimes positioned as a lever that new entrants can use to take market share away from established players such as the Big Four banks. But it could also be used by incumbents to improve their customer relationships.

Open Banking — which allows people to share their transaction history with other organisations, for instance to identify better deals — provides a big opportunity to reset the relationship between financial institutions and their customers with trust at its centre, suggested ForgeRock Asia Pacific senior vice-president John Donovan.

Organisations haven't been very good at delivering benefits to those who are prepared to make their data available in such ways, said Donovan, but — if handled correctly — Open Banking provides banks with an opportunity to delight their customers and defend against the burgeoning fintech sector.

Part of the issue is that terms and conditions are usually presented as "all or nothing, take it or leave it". But technology can accommodate for granular consent, providing an opportunity for organisations to make customer-centric decisions that address the trust deficit.

"If you do this well, it creates a much more harmonious relationship," he said.

ForgeRock's local customers include AustralianSuper, Vodafone Australia, the New Zealand Department of Internal Affairs (for RealMe online identities), and Westpac New Zealand.

Donovan spoke to iTWire during Identify Live, ForgeRock's Sydney event for customers and partners that attracted around 150 people.

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Stephen Withers

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Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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