from early next year, potentially by offering lower interest rates, due to a new data-sharing regime that will come into force, Moody's predicts.
It predicts these competitive pressures will persist this year and next, as banks fight more aggressively to grow in a slowing housing market, targeting owner-occupiers in particular. The government's plan to give consumers a "data right" from 2020 will likely add "further impetus" to price competition in mortgage lending, it says.
As well, the Reserve Bank has previously thrown its support behind open banking — a model that will ultimately be rolled out to industries including energy and telecommunications through what is known as a "consumer data right".
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