Basiq, a start-up partly owned by Westpac and National Australia Bank, already provides fintechs with secure access to some of the data on consumers held by banks.

Its founder, Damir Cuca​, says open data could also allow banks to give on-the-spot approval for customers who want a loan, because customers could opt to share their transaction history.

"When applying for loans or credit cards, consumers will no longer need to worry about sending in their last bank statements or payslips," Cuca says.

For the full story head to the Sydney Morning Herald.