A new research conducted by Unisys has found that nearly one-third of Australians support sharing of data in an open banking environment with adequate privacy and security measures.
However, the research also found that people of Australia are less interested compared to other Asia Pacific countries about adopting new bank services which uses latest technologies including artificial intelligence (AI) and machine learning.
The study called ‘Unisys APAC Banking Insights – Banking on the CX Factor’ assesses banking customer attitude across Australia, Hong Kong, Malaysia, the Philippines and Taiwan.
The study found that 31% of respondents in Australia support sharing of their personal data by the banks with other companies, while 34% expressed reservations about the privacy and security concerns.
Nearly 67% of the respondents, who do not support data sharing, opined that they want to keep their privacy intact.
About 45% of these people expressed their concern with the security measures of the third party and 35% of the opponents were not confident about their bank’s security measures.
Around 35% of the people were undecided if they can support this type of data sharing or not.
Unisys Asia Pacific financial services vice-president Richard Parker said: “For Open Banking to take off in Australia, banks must address customer concerns about how they protect their customer data – not just in the bank, but across all of the departments, partners and agencies in the value chain.
“The results also indicate that many Australians are unaware of Open Banking and how it impacts them so effective communication by the banks will be key to consumers embracing this initiative.”
The Australian government is scheduled to phase in open banking services starting July 2019.