PocketSmith launches Open Banking hub for Australians

PocketSmith has launched an online Open Banking Hub to explain secure data sharing through open banking for Australian consumers.

The hub explains how open banking works, why it is designed to be secure, and how PocketSmith uses it in its personal finance app. It also gives everyday examples, including comparing financial products, applying for a personal loan, and using financial data in a rental application.

In Australia, open banking operates under the Consumer Data Right regime, which allows consumers to consent to the sharing of banking data with accredited service providers. The new hub includes an overview of the Australian framework, along with examples of products and services linked to the system across lending, wealth and investing, accounting and tax, and personal financial management.

Jason Leong, Co-founder & Chief Executive Officer of PocketSmith, said the aim is to make the concept more familiar to people who remain uncertain about sharing sensitive financial information digitally.

"It's important to demystify open banking because it's natural for people to hesitate when something feels new and unfamiliar," Leong said.

The guide also explains that open banking is based on principles for secure data sharing rather than a single global system, and that it does not work across borders. While the current hub focuses on Australia, PocketSmith plans to add region-specific sections for other markets, including Brazil, Canada, the European Union, New Zealand, the UK, and the US.

Australian market

Australia is PocketSmith's largest market, with 100,000 active users, part of a wider customer base of more than 370,000 across 190 countries.

PocketSmith said it has customers in all 90 countries that are implementing or already operating open banking frameworks. That reach gives it exposure to a broad range of data-sharing systems and regulatory approaches, although the new hub is initially focused on Australia.

The company linked its Australian growth to the way it has implemented open banking in its app, saying consented data feeds support automation that reduces manual financial administration and powers budgeting, calendar-based planning, and forecasting tools.

"In many cases, Australian consumers won't realise open banking is being used until they are asked to connect their bank account. At that point, open banking is simply the secure technology being used to transfer bank information to the service you're signing up to use," Leong said.

Consumer demand

Australian user numbers have risen 25% over the past year, which PocketSmith attributed to demand for personal finance tools as households face continued pressure from living costs.

PocketSmith positions its software around budgeting and forward planning, including what-if scenarios based on bank data and user categorisation. Open banking reduces repetitive tasks by pulling in consented transaction data directly rather than relying on manual updates.

The hub also includes a plain-language explanation of why companies in the sector are using open banking rather than older methods of accessing data. One line in the guide describes it as the most secure way for users to share sensitive information with trusted apps and services they choose.

Leong said the company expects broader familiarity to grow over time as consumers encounter data sharing more often through financial products and digital services.

"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, faster and more personal," Leong said.