"Another start-up set to benefit from open banking is Basiq, which is partly owned by Westpac and the National Australia Bank. 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."

For the full story head to the Sydney Morning Herald.