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What New Zealand can learn about open banking from countries already doing it

January 2, 2023


Traditional banks in New Zealand have long served as gatekeepers of customers’ data. This is about to change with the arrival of what’s called “open banking”, set to arrive in New Zealand by 2024.

In essence, open banking is where a traditional bank makes client and transaction data available to another financial service provider. This provider then uses the information to find the best deal for customers.

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