Banks, fintechs and credit unions have begun to “mobilize” to deliver consumer-driven banking, getting ahead of the government’s delivery target of 2025, according to speakers taking part in the opening panel debate at Open Banking Expo Canada on June 11.
The panel debate ‘Mobilizing Made in Canada: Getting our consumer-driven banking rollout in order’, was moderated by Cindy Zhang, senior associate, financial services regulatory at BLG LLP.
Speakers from Symcor, RBC, Mastercard, Publicis Sapient and BMO joined Zhang on the Main Stage to discuss what “Made in Canada” looks like, as well as readiness.
The Canadian government has previously set a target for delivery of Open Banking for 2025.
Saba Shariff, senior vice president, chief strategy, product and innovation officer at Symcor, told delegates: “It doesn’t mean we need to wait for end of 2025 – we certainly haven’t waited. Two years ago, we launched our Open Banking platform. Many organisations are testing on that platform.”
She added that, “in the absence of a defined technical standard, organisations are adopting one”.
Saba Shariff of Symcor
Sandeep Achar, director strategy, emerging businesses at BMO, said that banks and other players are not waiting and that “we have all been working and investing to the extent we can”.
Shekher Puri, vice president, digital components and platforms at RBC, told Zhang that “organisations can start to mobilise with no regrets”.
Zhang asked: “What are some features of Canada’s market that distinguish it from other countries that we should take into consideration as we design a consumer-driven banking framework?”
With Open Banking having been rolled out in EMEA, “there are lessons learned for us to replicate”, according to Surbhi Dhir, senior client partner at Publicis Sapient.
“What makes us unique is our ecosystem – the vast majority of the consumer base being digitised,” she said. “We have the consumers, the infrastructure and now, with the regulatory support, I think we’re sitting on the cusp of the next financial revolution.”
Surbhi Dhir of Publicis Sapient
The speakers addressed that, what sets Canadian Open Banking apart, is the high degree of trust that consumers already have in the country’s banks and financial institutions.
“What we’re doing is building on foundation of stability and trust,” Achar said. “What we’re adding is the rocket fuel in terms of innovation and the regulatory framework. I’m excited for the next 18 to 24 months in terms of what’s coming.”
Krista Broughton, director, Open Banking at Mastercard in Canada, told attendees: “Trust and credibility in our financial system is unique, here in Canada, next to other markets. That’s built, in part, by the credibility of the leaders that have driven the space. They’ve balanced innovation and stability very well.”
She continued: “The leaders in this space are not only some of the largest banks but also are credit unions, smaller FIs and an ecosystem of fintech partners as well. I would hope that as we contemplate access and accreditation, we’re able to accommodate the fabric of what makes this community unique.”
