Hot takes:
- MBIE are still deliberating on “product data” which is generally available on websites (usually behind a WAF which prevents automated reads). Banks want to keep this private / hard to access to stifle competition.
- The proposed regulations also require full accreditation for all third-party providers with no “lighter” options for smaller players. Australia has different tiers with restrictions to make it easier for startups to get started.
- The access fees are “under consideration” 😅 For this to invite innovation, we should follow the examples of the UK and Australia (free access)
Consumer NZ says:
In other markets, banks cannot charge fintechs for access, and we believe these charges will lead to a watered-down open banking experience for New Zealanders, and one with limited ability to drive competition in the banking industry.
https://www.consumer.org.nz/articles/how-banks-are-undermining-open-banking
Why stop at open banking?
Why not make blocking data scraping illegal.
Why not require any company in any sector with an influential portion of the market to publicly publish their prices in a machine readable, comparable, format.
Banks, insurance, fuel, groceries, internet, appliances, booze, utilities. Force them all to show their hand. Make it incredibly easy for comparison websites to operate. Let people find the cheapest prices.