Change is in the works that will give Canadian consumers and businesses significantly more control over their financial data, including who they share it with, in what’s known as open banking.
A long-promised revolution in banking is headed to Canada, but you might not notice when it arrives.
“It's about having that fairer, more inclusive, more open society,” said Helen Child, founder of Open Banking Excellence, a forum for those working in the system.Open banking works by giving consumers the option to share their banking data with other firms. The most common use is granting access to budgeting or money management apps and companies, so that a customer can pool different bank accounts and credit cards into one place. One of the biggest areas of growth is in credit assessments.
"I think gaining trust in Canada is going to be extremely hard for the fintech community; that is their Everest to climb." Competition seems to be a lower priority, he said, with a cautious approach that will see startups in the space needing accreditation. There is also the question of how much consumers bother to comparison shop, or to look into alternatives without something going wrong with their existing providers, Pigeon noted.
“We have to be realistic when we are talking about disrupting one of the world's oldest and most established industries,” said Nicholas Schiavo, director of federal affairs at the Council of Canadian Innovators. He also pointed to growing momentum elsewhere, including the U.K. where payments under the system were up 88 per cent in the first half of last year from the year before, while small business use stands at about 17 per cent and growing.
“You need to know it's convenient. It makes your life simple and fast,” she said. “That’s what it’s about.”As Prince William, the Prince of Wales, steps up to shoulder increased responsibilities amidst his father King Charles III’s health concerns, the question of his future role within the Royal Commonwealth has taken on a new sense of urgency.W5 visited Richmound, Sask.
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