Better deposit rates and cheaper mortgages won't happen without open banking

Open banking is the principle that a bank customer owns their data and can give it to anyone they wish. This is being accepted globally, and it's benefiting both depositors and borrowers.

The best example is in Europe, where customers have lower mortgage rates, and get more for their deposits, than in New Zealand. But adoption is proving painfully slow in New Zealand. Why? Because the big banks really don't want it to happen.

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