Friday, 18 September 2020 08:39

Digital bank releases savings interest rate graphs based on public data

Digital bank releases savings interest rate graphs based on public data Pixabay

Digital bank 86 400 has unvelied what it claims is the first consumer-facing feature developed using Open Banking product data, a real-time comparison graph of savings interest rates.

In a statement, the bank said it was using product data available from participating banks under the consumer data right to provide an easily understandable set of statistics.

"Due to dynamic market conditions, it's not always easy for consumers to compare the interest rates on different saving accounts," said 86 400 chief executive Robert Bell.

"This leads to apathy and a situation where too many Australians have their hard-earned savings netting them next-to-nothing in interest.

"We believe this is the first example of Open Banking product data being used to provide Australian consumers with greater transparency and choice.

"Rates are arguably the most important consideration when selecting a savings account, but often the most confusing.

"We're removing the effort of comparing different options by showing how the savings rates of each of the majors compare with 86 400.

"This is just one way that we are helping Australians take control of their money, and means they can easily find the savings account that best suits their needs."

The bank said it was looking to build additional products based on similar data. It has also published APIs for its deposit and lending products, which are now available to developers.

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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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