A parliamentary inquiry this week could see major bank bosses sign up for cultural change.

Recent changes in the UK have made it easier for bank customers to transfer detailed personal financial data when they change banks.

Australian banks do not like the “open data” approach, saying the rules are expensive and endanger the privacy of customers.

“Some of the committee members might take the view that that UK example is particularly interesting, benefitting as it does from the opening up of new technology enabling accessing of that technology to the benefit of consumers,” said chair of the House Economics Committee David Coleman.

“This public forum of 12 hours of hearing this week is a very substantial and significant development and I think it will lead to significant cultural change in the industry.”

The Opposition doubts this week’s talks will fix the string of scandals plaguing the banking industry.

Labor's Matt Thistletwaite, deputy chair of the committee holding the inquiry, told the ABC that “many of the scandals in the banking industry are continuing, the unethical behaviour continues”.

“Whistleblowers have told us that what's been exposed to date is the tip of the iceberg.”

The Opposition maintains that a royal commission is needed to find heart of the issues.

“Each MP is only going to get 20 minutes and I've got two days worth of questions that I could ask on behalf of the Australian public,” Mr Thistletwaite said.

Commonwealth Bank boss Ian Narev is first up at the inquiry, appearing on Tuesday.