Govt to make it easier to switch banks

Commerce Minister David Clark is forcing banks to share data. Known as "open banking" the changes mean banks will be required to seamlessly share a customer's data with a competing bank, should the customer request it. The practice is already common in the United Kingdom and in Australia, where New Zealand's big four banks' parent banks are based. "Open banking ensures banks must share customer information if they request it, making it easier for New Zealanders to compare mortgage rates, apply for loans and switch banks. Banks have already begun proactively updating systems to be ready for open banking.