Banks use existing power to control open banking

In its latest open banking report, the commission says the major banks have delayed aspects of open banking by rolling out their own products.

“We are concerned that while providing an uptick in innovation this trend will not deliver any material enhancement of competition because the major banks remain in control.”

The commission says there are "a handful" of payment and banking services already in the market that are "suboptimal" because they use less secure methods than open banking.

“Suboptimal access on the interbank payment network is not in the long-term interests of consumers as it requires consumers to share their bank login credentials.”