Australia and New Zealand
Open Banking Ecosystem Map and Report

4th Edition - May 2024

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Australian Open Banking Ecosystem Map and Report

May 2024

If you want to understand who is participating in the Australian Open Banking Ecosystem and the latest trends, download the comprehensive ecosystem map updated as at 17 May 2024.

Quick CDR Facts

at May 2024

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174 (+21%)

Active Data Holders

Consumer Bank Account Coverage

Accredited Data Recipients & Other Access Models

Number of consumer consents since 1 July 2020

99.74%

96

— Brenton Charnley, Head of Open Banking, Mastercard ANZ

“We are reaching an important phase in the rollout of the Consumer Data Right. The growth of CDR Representatives, the emergence of new and diverse use cases and the increasing prevalence of intermediaries are all strong signs that the ecosystem is maturing. Although we are now seeing tangible benefits being delivered to consumers, these benefits could be supercharged by thoughtful regulatory reforms – including to facilitate a transition away from screen scraping to the CDR. The next 12 months will be pivotal, and I remain excited by the ability of the CDR to deliver game-changing outcomes for consumers and businesses alike.”

Data Recipients are growing

Data Recipients continue to grow but at a slower rate, with a 25.3% increase in the last six months (versus 48% and 171% in the previous two reports), largely driven by new CDR Representatives while the ADR growth rate has plateaued.

ADRs are using OSPs more

More than half of Accredited Data Recipients (60%) now use Outsourced Service Providers (OSPs), with a 79% increase over the last 14 months. Set to skyrocket with recent changes to allow Representatives to use OSPs.

Developing Use Cases

Nine ADIs have active software products registered. As with the broader ecosystem, lending use cases lead the way, followed by account aggregation, verification, money management and data testing.

Time to rectify has improved

On average, it is taking close to two months for Data Holders to rectify implementation gaps. This has improved from 119 days in December 2022.

Financial services in front

Financial services channels, including payments, lending, account opening and money management, continue to be the dominant recipient business models with 68% of the market.

Download the Australian Open Banking Report as at May 2024

If you want to understand what is happening in Open Banking in Australia, download the comprehensive ecosystem map and report.

In this 33-page report you’ll learn more about:

  • CDR participant insights

  • Data recipient use cases and industries

  • Data Holder compliance statistics

  • 17 pages of CDR industry statistics

  • New CDR Participant’s insight

  • 3-page Ecosystem Map

No registration required.

Looking to get added to the Ecosystem Map?

Whilst we endeavour to collect information on all participants during our research, we might miss participants from time to time. If you would like to request an addition or amendment to the Australian Open Banking Ecosystem Map please fill out the form below.