Macquarie reveals new platform to boost banking experience

Macquarie has unveiled a new open online banking platform that offers customers control over their everyday banking data and the power to securely manage how they want to share it. 

Leveraging Application Programming Interface (API) technology, the platform approves third-party providers who can then connect to offer new services and experiences. This means any third-party provider who meets Macquarie’s open platform standards and security criteria can connect. The platform also features Macquarie devXchange, an open developer portal with a test sandbox to help facilitate third party developers in creating more innovative banking experiences and solutions. 

As part of its efforts to boost customer experience, customers will now have the option to securely connect their personal banking data such as transactions, home loan balances, business data and wealth information, into third party providers like budgeting apps and accounting software to create their own personalised banking experience.

While consumers typically need to reveal their banking login details to use budgeting tools and similar services, Macquarie said its open platform means customers will never need to give their login details to a third party, creating a more secure way to access these services.

Macquarie’s open platform also gives customers the power to manage access to their data in real time through the Macquarie banking app. Authorised third-party providers will have read only access to that customer’s data through a secure token which then reads the data from Macquarie’s systems.

According to Macquarie banking and financial service group’s head of personal banking, Ben Perham, the open platform is about giving customers greater choice in the way they use their bank accounts and data. 

“Our customers have been telling us they want to securely connect their information into their favourite accounting software, budgeting app and other innovative services they’re interested in,” he claimed. “Macquarie’s open platform will make this possible – and we’ve built a highly personalised digital banking experience, so empowering our customers to securely manage how they want to use their own data is the logical next step.”

Already, APIs are being used by leading digital companies like Amazon and Google to transform consumer experiences, Perham noted, so the bank is excited about the opportunities the technology will bring to financial services.  

“We’re looking forward to working with third party providers and developers to drive new and more personalised solutions for our customers that tie in seamlessly with daily life,” he added.

Macquarie’s open banking platform is currently in pilot and will be made available more broadly in the coming months.

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