What was on the agenda at WiOB ANZ’s first Auckland workshop?

Lan Yin from Mastercard facilitated the workshop in the Auckland offices of Chapman Tripp.

On Tuesday, 5 November, 2024, Women in Open Banking ANZ (WiOB ANZ) proudly hosted its first workshop in New Zealand, bringing together 27 remarkable female professionals from across the financial services industry.

The invitation-only event was held in the Auckland offices of law firm Chapman Tripp and facilitated by Lan Yin from Mastercard.

This gathering marked a significant milestone in our mission to foster a supportive community for women in open banking, creating a dedicated space to connect, collaborate, and drive positive change.

WiOB ANZ’s purposes

As a reminder, the WiOB ANZ group was launched in mid-2024 under the umbrella of Open Finance ANZ, the community of entrepreneurs, innovators and technologists dedicated to advancing the principles of open banking and open finance in Australia and New Zealand.

In July, we held our launch event in Sydney offices of King & Wood Mallesons and in September we held a lunchtime roundtable in Melbourne at FinTech Australia’s annual Intersekt Festival.

Specifically, WiOB ANZ is committed to advancing the role of women in open banking and our key objectives reflect this commitment.

1. Connect: We are building a strong, cross-regional network of women in open banking across Australia and New Zealand. Through events like this, we aim to create opportunities for women to collaborate, share experiences, and drive inclusive innovation together.

2. Amplify: We strive to elevate women’s voices in open banking, ensuring that our perspectives are heard and valued. This workshop, and others to come, is part of our effort to highlight women’s contributions and ensure their ideas shape the future of open banking.

3. Grow: We believe in empowering women through professional development and resources, expanding the community, and fostering a culture of growth. By providing tools and opportunities for skill-building and leadership, we aim to support women in taking influential roles within the industry.

Insights from the Auckland workshop

The workshop provided valuable perspectives from participants on the direction and priorities of open banking.

The attendees were asked to engage with four thought-starter questions via an online poll and then discuss in small groups.

Here are the abbreviated poll results and insights.

1. Consumer Data Right (CDR) priorities

Participants highlighted innovation, security, and consumer benefit as essential priorities for the CDR framework.

Many expressed the belief that secure and transparent data-sharing is crucial for consumer empowerment, calling for a system that protects privacy while delivering meaningful customer-centred solutions.

They also emphasised the importance of including non-financial entities and fostering cross-sector collaboration to establish a more inclusive and robust ecosystem.

“What is important for you for the CDR regime to achieve?” Word cloud results.

2. Balancing speed and thoroughness

Reflecting a forward-thinking approach, 71% of attendees supported an agile, “start and learn” model for implementing open banking, seeing rapid iteration as essential to innovation.

Meanwhile, 29% preferred a more measured pace, valuing thoroughness in the process at the beginning, setting a foundation to go faster later.

Collectively, participants supported the government’s goal of a fully operational open banking framework by 2026, though they expressed a desire for clearer milestones and a transparent roadmap.

3. Empowerment in advocacy

When asked about their sense of empowerment in advocating for open banking, responses varied.

While 8% felt very empowered and 63% felt somewhat empowered, indicating a positive foundation, only 8% felt very empowered, and 17% said they felt neutral.

Participants identified a need for additional resources, education, and support networks to enhance confidence and strengthen advocacy efforts within their organisations.

4. Organisational readiness

Attendees expressed varying levels of confidence in their organisations’ preparedness for open banking deadlines.

While 32% felt their organisations were very prepared, 36% felt somewhat prepared, with others noting areas where additional resources or strategic adjustments could be beneficial.

This diversity in responses highlighted industry-wide differences in resource availability and strategy, suggesting areas for improvement.

Path forward

Looking ahead, WiOB ANZ is excited to continue building momentum.

We are energised by the commitment and passion of those who attended and are eager to continue this journey together.

Lisa Ibarra, Open Banking Lead for Payments NZ, chats with other attendees.

In 2025, we look forward to more events, initiatives, and opportunities to drive progress in open banking, guided by the insights and vision of our growing community.

Thank you to everyone who participated in the workshop.

The success of this event can only be attributed to the incredible women who attended and were willing to share their voices and ideas with each other and our broader community. Thank you. 🙏

To stay connected, follow Women in Open Banking ANZ on LinkedIn: https://www.linkedin.com/company/women-in-open-banking-and-finance/

Thank you to Lan Yin and Joyce Xie from Mastercard for contributing to this article.