State of Open Banking 2024 - Trusted Advisers

James Wyper (P&N Group) about the State of Open Banking

I expect that within the next 12 months, data sharing will start to become mainstream within the banking industry.

James Wyper, P&N Group

P&N Group is one of Australia’s largest customer- owned banking organisations. With east and west coast presence, the Group operates under a unique multi-brand model with two retail banking brands – P&N Bank in Western Australia and bcu in New South Wales and Queensland.

They’ve partnered with Frollo to become one of the first banks to deliver an Open Banking-powered experience to their customers.

As Senior Manager Digital Technology & Strategy, James Wyper is responsible for the implementation of Open Banking.

Why has P&N Group decided to invest in Open Banking early on?

P&N Group’s five-year transformation strategy focuses on making banking easier for our P&N Bank and bcu customers through innovation and automation. It was therefore logical that we embraced the opportunity of Open Banking from the outset.

We’ve seen the strong take-up of Open Banking in the UK and certainly expect that it will also disrupt the financial services industry in Australia, much like the introduction of internet banking and mobile apps.

We’re therefore looking forward to offering our customers this innovative technology, that will ultimately empower them to optimise their money and financial well-being.

Where do you see the biggest Open Banking opportunities for P&N Group?

Open Banking, through our strong fintech partnership, will see our Group’s two retail banking brands, P&N Bank and bcu, deliver market-leading, value-added customer experiences.

By offering customer-centric technology that solves key financial pain points, such as money management and the home loan application process, we will make it simple to do banking with us and we will also make it more simple for our customers to get ahead.

Through rich customer data available through the technology, we will also be able to augment insights and decision-making, leading to a more personalised customer experience.

What would be your advice to organisations who want to get started with Open Banking?

  1. Choose the right fintech partner. Open Banking requires heavy investment and your partner should share your values and the end vision for your customers.
  2. Open Banking is a journey and doesn’t stop at your first use case. Be clear on the purpose of your first use case and take the opportunity to ask questions, learn and innovate.
  3. Consumer trust will be a key element in the take-up of Open Banking. As people become more familiar with the technology and trust in the CDR grows, they will have more control and access to tailored information to optimise their financial wellbeing.

What are your expectations for Open Banking in the next 12 months?

I expect that within the next 12 months, data sharing will start to become mainstream within the banking industry. For many financial institutions, they will be looking to operationalise Open Banking data throughout their business.

For P&N Group, I hope to see steady growth of our first use case and be close to launching our second use case. With the pace of change, levels of disruption and the continuing consolidation of the customer-owned banking sector, we’re committed to playing a leading role in offering more Australians a genuine banking alternative to the major banks.

This interview with James Wyper was first published in ‘The State of Open Banking 2021’, along with an industry survey and interviews with Nick Malham (BOQ), John Sanger (AFG) and Tony Carn (NextGen.Net).

Open Banking in Australia is ready for takeoff. With over 90 banks sharing data, more than 20 Accredited Data Recipients and 67% of respondents planning to use Open Banking data in the next 12 months, this is the time to get started. 

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