“It’s helping people get control of their finances on a day-by-day basis. It’s plugged in, consuming your data, telling you what’s happening, where it’s coming, where it’s going. It’s really, really strong,” Butterfield said.
Barriers to innovation remain—but so does optimism
Despite these promising developments, New Zealand’s open banking journey is still at a nascent stage.
“The cost of innovation is high in New Zealand, the cost of participation is high,” Butterfield said.
The real payoff, he believes, will come in the second wave of open banking, once early solutions have matured and overseas models are adapted for local consumers.
“We are positive. We think that there’s a real opportunity for great things to happen here,” he said.