Open Banking

Open Banking is part of the Australian Government introduced Consumer Data Right (CDR) legislation. It enables members to securely share their banking information with accredited third parties. This initiative is designed to give members greater control over their banking, allowing them to decide what data to share, how it is used, and with whom it is shared.

Benefits of open banking include:

• Enhanced services helping members to remain on top of their finances,
• Comprehensive comparison between financial products driving competition to offer better products/services,
• Ease in switching products/services among banks, and
• Enhanced data sharing between financial institutions allowing easier credit applications.

Police Bank is now able to share the following types of data:

• Product reference data for all our products. This includes product-related information such as interest rates, fees and features.
• Customer data for transaction accounts, savings accounts and term deposits. This includes personal details such as name and contact details; and account information such as account names, account types, balances and transaction history.

For more information on how Police Bank has incorporated Open Banking, you can access our CDR policy here.