Latest Updates from ANZ

1. Valid from 1 July 2020, changes to Open Banking will give consumers greater access and control of their financial data

What is it?

Open Banking enables consumers to access and share their financial data securely and consistently with the Australian Competition and Consumer Commission (ACCC) accredited organisations, known as Accredited Data Recipients.

This capability to share data will extend to other sectors like utilities and telecommunications. We anticipate that this will create a more portable data environment and increase competition.

How will this change impact you?

While no immediate impact on the broker industry is expected, this may change over time as more organisations choose to become accredited data recipients and more products and services that leverage a customer's financial data become available.

Banking products available through Open Banking

In July 2019, ANZ made the products that it currently offers openly to the market, available upon request, using Application Programming Interfaces (APIs).

ANZ customers will now be able to share their financial data on specific banking products with Accredited Data Recipients such as:

  • Credit Cards
  • Debit Cards
  • Deposit (Savings) Accounts
  • Transaction Accounts

The above applies if the account is open, available online, and they are the sole account holder.

How Open Banking works

To share their financial data using Open Banking, customers must initiate a data-sharing arrangement using the Accredited Data Recipient's app or website and authenticate their identity with their bank. This will allow the Accredited Data Recipient to request the customer's financial data from the bank, in line with the arrangement the customer has agreed to. This customer can stop this data sharing arrangement at any time.

There are several measures in place to ensure data is shared securely under Open Banking. To participate in Open Banking, all Accredited Data Recipients must adhere to an ongoing stringent set of rules and standards to be accredited by the ACCC.

2. Changes to ANZ'a COVID-19 Assistance Package

Since the original announcement of the COVID-19 assistance offer in March 2020, ANZ has provided repayment deferrals on more than 100,000 home, personal, small business and commercial accounts.

ANZ has already begun contacting each of its impacted customers to understand their ability to start repaying their loans.

For customers who continue to face financial difficulty due to COVID-19, ANZ will work with them to see what additional assistance ANZ can provide, such as restructuring their loans. In some circumstances, ANZ will give an extension to loan repayment deferrals of up to four months.

Customers on existing loan repayment deferrals who can resume making regular repayments after their current deferral agreement will transition then.

What do you need to be aware of?

  • ANZ is extending its COVID-19 Assistance offer for eligible customers for up to four months (10 months total).
  • The four-month extension of the deferral period will not be automatic, and the bank will work with customers to help them identify the most suitable option for them if they're seeking further assistance.
  • The main goal is to assist customers who can begin making repayments to do so as soon as possible.