Last week was a huge win for financial geeks across the nation with the announcement that Open Banking will be introduced in Australia. While these two words may mean nothing to you right now, they should.

Open Banking means that the Big 4 Banks now have to share your information with another bank or a broker or business if you ask them to. While only two businesses are currently accredited for Open Banking at the moment, another 39 are expected by September.

Money columnist for the Sydney Morning Herald and author of Kill Bills! Joel Gibson joins Luke Grant to make sense of this new and wonderful concept.

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