What is open banking?

Average customer rating: 4.3/5

A guide to open banking

Updated March 19, 2024
Written by James Hurwood
Reviewed by Stephen Zeller

Expert tips for understanding open banking

As General Manager of Money at Compare the Market, Stephen Zeller is a big supporter of the freedom and flexibility granted to consumers by open banking. The more control consumers have over their data and banking affairs, the better! However, he has some tips for understanding how it all works, to help better-inform consumers:

Stephen Zeller
General Manager – Money

Caution is still crucial

Take steps to protect your personal information – while open banking is designed to be secure, it’s still important to take steps to protect your personal information. Consider using two-factor authentication where possible and make sure to routinely check your bank statements for any unusual transactions.

Verify third parties

Check the third-party provider/company requesting your personal details is listed as an authorised third-party provider by the ACCC (Australia Competition & Consumer Commission). This will give you confidence when sharing the data with the provider.

We’re here to help

Open banking can be helpful to compare current home loan offers and interest rates, but there is more to consider when looking at home loans than just a low rate – such as features like an offset account or redraw options. This is where our expert team of Home Loan Specialists can assist with reviewing your specific scenario and helping you choose a product option from over 20 different lenders.

Open banking explained

What is open banking?

How open banking works

What are the benefits of open banking?

How open banking ensures privacy

Is open banking only available in Australia?

Open banking and you

Does open banking cost me money?

What are my rights and guarantees under open banking?

How open banking works when it comes to joint accounts

If I change my mind, can I stop sharing my data?

What do I do if I think my data has been compromised?

Meet our home loans expert, Stephen Zeller

Stephen Zeller
General Manager – Money

Stephen has more than 30 years of experience in the financial services industry and holds a Certificate IV in Finance and Mortgage Broking. He’s also a member of both the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Mortgage and Finance Association of Australia (MFAA).

Stephen leads our team of Home Loan Specialists, and reviews and contributes to Compare the Market’s banking-relating content to ensure it’s as helpful and empowering as possible for our readers.

1Australian Banking Association. Open Banking. Accessed April 2023.

2The Australian Competition and Consumer Commission. Consumer data right (CDR). Accessed April 2023.

3Australian Government. What is CDR? Accessed April 2023.

4Australian Government: Consumer Data Right. Your rights. Accessed April 2023.

5Parliament of Australia. ‘You’re more likely to divorce than switch banks’: will Open Banking encourage more switching? Accessed April 2023.