Personal financial management fintech PocketSmith is launching an online educational resource to help consumers understand open banking.
The initial rollout focuses heavily on Australia’s Consumer Data Right framework.
The new PocketSmith open banking hub explains the mechanics of secure financial data sharing.
It also details how the platform uses these feeds to provide clear money management insights without compromising user privacy.
Jason Leong, Co-founder and CEO of PocketSmith, said consumer hesitation is common with unfamiliar financial technologies.
The hub addresses these concerns by highlighting routine use cases, such as comparing financial products or gathering data for rental applications.
“In time, open banking will become an everyday tool we rely on in the background, just like WiFi, and we won’t give it a second thought because it’s making life simpler,”
Leong said.
Driving Consumer Data Right adoption
The New Zealand headquartered company serves over 370,000 customers globally across 190 countries. Australia is currently its largest market, hosting 100,000 active users.
Leong attributed the platform’s recent regional growth directly to its integration with the local regulatory regime.
The company saw its Australian user base grow by 25% over the past year amidst rising cost of living pressures.
“PocketSmith has 100,000 local users currently active in Australia, which makes it our biggest market, due in part to our successful implementation of open banking,”
Leong said.
The application uses consented data feeds to automate the categorisation of expenses. This allows users to access budgeting and forecasting tools without relying on manual data entry.
Global expansion plans
The newly launched hub includes a comprehensive overview of the Australian Consumer Data Right, detailing the history and functionality of the framework. It also outlines how financial data sharing supports lending, wealth management, and accounting services.
PocketSmith plans to expand the educational resource later this year. The company will add specific geographical snapshots for Brazil, Canada, the European Union, New Zealand, the UK, and the US.
Featured image credit: Edited by Fintech News Australia, based on image by aumwattanaracha via Magnific
