Australia’s Consumer Data Right (CDR) law takes effect in July 2019 and will usher in an era of open banking across the country. The law centers on giving consumers the right to “own” their data by giving them open access to their transactions along with control over who can have and use their data. While the law’s application is limited to Australia, banks worldwide will be watching to see what happens. What will be the impact of the new law and how should banks prepare for it? These are key questions as the implementation deadline looms less than a year away.  More...

How traditional banks can thrive in a digitally transformed industry Spoiler alert: there will be no descriptions of motion-captured, super-intelligent chimps in this blog. However, there will be some discussion of seismic shifts in the world—just not done quite as dramatically as a big budget movie. Digital transformation is changing our world, disrupting the banking industry and other sectors in powerful ways. One key to surviving, and actually thriving in this new world, could be application programming interfaces (APIs). More...

Many technologies have come and gone over the past decades. Some were hyped concepts that flopped (beenz, anyone?). Others that started from humble beginnings became ubiquitous. While every technology faces its own adoption trajectory, the majority go through fairly predictable stages. The leap from niche to mainstream happens in what some strategists call the “bowling alley,” where a technology’s success in one industry (the lead pin) creates opportunities in tangentially related markets (secondary pins). More...

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