New Zealand banking just changed all the rules, and you could be forgiven for not having heard about it, despite the fact this could change everything about how you handle your money.
Open banking is now officially live in New Zealand, slipping in right at the end of the year with very little attention. But this isn’t just a tech update. It’s a power shift over who controls your financial information, and how it can be used.
That matters, because open banking has the potential to make huge parts of your money life easier. From budgeting and using a budgeting app, to comparing mortgage rates, switching banking products, and even making investing simpler.
And frankly, we could all do with some help right now. There’s been growing criticism about whether the big banks in New Zealand are making it too hard, and too expensive, for customers to shop around and get a better deal. Open banking is designed to change that, by increasing competition and giving people more control over their own banking data.
But it’s not all plain sailing.
There are real questions around privacy, security, and how open banking will actually work in practice, especially in the early stages.
So how do you make the most of this shift, to simplify your finances and improve your budgeting, without exposing yourself to unnecessary risks?
In this episode of Making Cents, Frances Cook is joined by Jason Leong, CEO and co-founder of PocketSmith, to break down open banking in plain English. What’s changed, what it means for everyday people, and how to use it safely to feel more in control of your money.
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This podcast was filmed and produced by Fanaticals
Video editing & content production by Lana Byrne
Audio engineering by Tash Chittock
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