What is Open Banking and how could it benefit your business.

In this podcast episode, Ben Lynch shares his journey into the world of open banking, starting from a personal need to avoid bank overdraft fees. This led him to develop a solution that allowed automatic fund transfers between his accounts. This side project eventually paved the way for his involvement in creating open banking solutions. He discusses the concept of open banking, its current status in New Zealand, and the potential regulations that might shape its future. Ben also introduces Akahu and Dolla, platforms that aim to streamline banking and payment processes for individuals and small businesses, illustrating the practical applications and benefits of open banking. The episode highlights the possibilities open banking presents for improving financial management and the challenges of adopting it in markets like New Zealand. To find out more about Akahu and Dolla, check out the links below. www.akahu.nz www.dolla.nz 00:00 Welcome to the Podcast & Introduction to Open Banking 00:22 Ben's Journey: From Personal Banking Frustration to Open Banking Pioneer 05:23 The Evolution of Open Banking and Its Impact 11:58 The Current State and Future of Open Banking in New Zealand 22:04 Exploring the Potential of Open Banking for Businesses and Consumers 30:14 Addressing Security Concerns and the Path Forward for Open Banking 35:14 Closing Thoughts and the Future of Open Banking Applications

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