TORONTO — A long-promised revolution in banking is headed to Canada, but you might not notice when it arrives.
TORONTO — A long-promised revolution in banking is headedto 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. Even with safeguards in place to make it secure, it will likely take a lot of work to convince Canadians to trust the system — and new competitors, said Sinha.
In Canada, with more bank concentration and a conservative banking culture, adoption will likely be slower, said Marc-André Pigeon, assistant professor at the Johnson Shoyama Graduate School of Public Policy.The government seems to be most of all pushing the security benefits of the shift, said Pigeon.
“Typically, when I see consumers and people talking about it, it's clear to me that it's not well understood,” said Sale. The current lack of competition in banking means high fees, which a report out last month from North Economics estimated run upwards of $7.7 billion a year.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Big changes are coming to how Canadians bank, but adoption likely to be slowTORONTO — A long-promised revolution in banking is headedto Canada, but you might not notice when it arrives.
Read more »
Big changes are coming to how Canadians bank, but adoption likely to be slowTORONTO — A long-promised revolution in banking is headedto Canada, but you might not notice when it arrives. Change is in the works that will give Canadian ...
Read more »
Big changes are coming to how Canadians bank, but adoption likely to be slowChange 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.
Read more »
Wab Kinew to deliver speech at Economic Club of Canada on March 4 in TorontoThe Hill Times
Read more »
Time for Canada to step up on drug coverage, says Toronto doctorThe Hill Times
Read more »
Canada's largest plant-based expo is coming to Toronto this springCanada's biggest plant-based event is back and better than ever, celebrating its 2nd anniversary over a weekend of delicious food, ethical fashion ...
Read more »