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Open Banking and Beyond Report 2022: Discovery

Deloitte and FintechNZ

2022 is set to be a landmark year for financial services in New Zealand, with the much-anticipated release of legislation to define a Consumer Data Right (CDR) for the country, marking the change in direction for open banking in New Zealand from the original industry-led approach to a regulated one that aligns with Australia and the United Kingdom.

In anticipation of what we expect to be an exciting period of change and evolution in this area Deloitte in partnership with FintechNZ has launched the New Zealand Fintech Pulsecheck. This report is the first report produced in collaboration between Deloitte and FinTechNZ. This targeted, annual report, focuses on the current and future projections for Open Banking in Aotearoa, New Zealand.

Adopting a qualitative approach to canvas views from across the wider ‘banking and payments sector’ the report provides a targeted snapshot of how New Zealand organisations and FinTechs are working or would like to work with Financial Service providers.

The report reviews the following:

  • What is the current New Zealand environment that ‘open banking’-style Fintechs operate in and what is likely to change when New Zealand introduces a formal CDR?
  • As a precursor to true open banking in the future, what types of ‘permissioned data sharing’ use cases are active in-market, being readied, or attracting interest?
  • While New Zealand awaits draft CDR legislation, what has the story been to date? How have we gotten to where we are?
  • What would New Zealand FinTechs like to see considered by Government as part of the upcoming CDR?

This first report drills down on views that include banks as well as the wider ecosystem, crossing payments, views on the state of Open API’s, FinTechs and other methods of providing innovative Financial Services. This report is especially timely as Aotearoa, New Zealand plans to progress towards the enactment of proposed CDR legislation early next year.

Please reach out to our specialists for more information.

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