Open banking is officially here as of today, but how will the experience change for everyday users?
Open banking will mean customers can securely share their financial information with third parties.
For example an approved budgeting app will be able to see a customer's banking transactions - and use them in the app to advise on spending or saving.
The big four banks - ANZ, ASB, BNZ and Westpac are subject to open banking regulations from today.
The Government has given them several extensions - all of the banks have six months for business internet banking to be included in the regulations.
Josh Daniell is co-founder of fintech Akahu, and talks to Kathryn about what open banking will look like for consumers in the coming months.
A man shops online from his phone. Photo: Unsplash/ Vitaly Gariev
