“It is obvious from the royal commission going on that there is a lot more that banks can be doing to tighten up processes and open banking is a solution for that” – Damir Cuca, CEO and founder of Basiq.

Basiq already provides fintechs with secure access to some of the data on consumers held by banks. Its founder, Damir Cuca​, says open banking could make life easier for consumers by enabling services like on-the-spot approval for customers who want a loan based on shared transaction history.