Banking technology firm Data Action is building upon its close relationship with digital agency FUSION, today announcing the acquisition of a significant shareholding in the company.

Data Action CEO Karl Grant said: “Combining Fusion’s expertise with our proven capability in the development of the full suite of banking products, is going to create an exciting opportunity for financial services companies looking to challenge the status quo.

“Within the next year or two, we’re going to see a huge shift in banking as Australia moves inexorably, like the UK, towards an open data model.

“Together, DA and Fusion can assist clients to realise benefits from that shift.”

FUSION will continue to operate as an independent entity and will help support the delivery of DA’s strategy to provide a complete suite of digital banking products for the challengers to the traditional bank sector – mainly the mutual banks, credit unions and FinTechs.

Fusion director Damien Mair added: “I’m thrilled that DA, as an existing partner has taken a further step to cement our relationship.

“We have been collaborating closely for more than five years now to provide market-leading solutions to our clients.

“DA making a strategic investment in Fusion is a logical next step for both companies.

“We will further help financial services challenger brands compete using a fusion of insight led strategies and cutting-edge digital experiences which are backed by industrial strength technologies.

“A great example of the success of this collaboration was the recent Canstar win by our client Beyond Bank Australia in the best Mobile Banking category of a Customer Owned Institution.

“This is the third year in a row that the Mobile Banking App platform created by Fusion and DA has won this prestigious accolade.

“This has only been possible due to the highly collaborative approach between Fusion, DA and the client,” Mair continued.

Fusion is part of WPP AUNZ, Australasia’s leading marketing communications group.

The DA deal does not affect WPP AUNZ’s shareholding of Fusion.

WPP AUNZ CEO Mike Connaghan said: “This is a fantastic and unique opportunity to have one of Fusion’s most important strategic partners not only continue its relationship with the agency but help drive further growth.