WHAT IT COULD MEAN FOR YOU
With more players at the table and data flowing freely( with consent), open banking is expected to create a ripple effect across the mortgage and finance industries. Here’ s how it may reshape the financial landscape:
Faster mortgage processing. Open banking can enable advisers and lenders to instantly access verified income and expense data, reducing delays in loan approvals.
Better financial advice and planning. Budgeting apps will be able to offer real-time insights and personalised recommendations based on actual spending patterns.
Better borrowing rates. With more competition comes better pricing. New entrants may pressure traditional banks to sharpen their offers and improve customer service, which is great news for rate-sensitive borrowers.
Easier account switching. Consumers may find it simpler to compare and change banks, leading to more dynamic pricing and better offers.
Smarter subscription management. Apps may help people track recurring payments and cancel unused subscriptions more easily, reducing unnecessary costs.
As the December deadline approaches, the focus now turns to execution, with the promise of a more efficient, transparent, and consumer-friendly financial system waiting on the other side.
RAY WHITE NOW NEW ZEALAND | 25