Chief executive of ASX-listed neobank lender Wisr, Anthony...

Chief executive of ASX-listed neobank lender Wisr, Anthony Nantes, said there had already been a large adoption of technology that's "very unsecure". He said that contrary to what the big banks preach, trust in an institution isn't actually a big deal to consumers, and many will be willing to trust new banking players with their data."We've already seen a mass adoption of really crap technology that's really unsecure. About 2 to 3 million people have signed up to screen-scraping technology, where you have to enter in your banking user name and password to a brand you've probably never heard of before.

"That's mass adoption of technology that's awful and really unsafe in some ways ... by the standards of a regulator."But banks will overplay the importance of trust because it suits their narrative."The main companies providing fintechs with this screen-scraping service – collecting screen display data from one application and making it available to another – are Yodlee (an American software giant), Illion and Sydney-based Basiq. None of these companies have had security breaches putting local customer data at risk.

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On the other hand, Mr Nantes argued, it would be beholden on companies to self-govern and for industries to hold themselves to account over the use of consumer data. He believed people would continue to not engage with how their data was being used, even if companies made their fine print front and centre."Everything they said is right, but none of it really matters that much from a consumer point of view," he said."None of this stuff is going to make a dent on the way consumers behave. It doesn't mean the right things shouldn't be put in place ... It doesn't matter what framework we put in place, it's all irrelevant to a consumer."