Open banking is poised to transform the landscape of the financial services industry. It will change how consumers engage with their banks and financial services providers, introduce new channels, and promote innovation and competition in financial products and services.
In Canada, the Standing Senate Committee on Banking, Trade and Commerce is calling for decisive action from the federal government to move forward with an open banking framework. This is a strategic opportunity for both new and established institutions — and a potential source of risk that needs to be carefully managed and mitigated. Maintaining a trusted open banking ecosystem requires new business and operating models, rapid innovation cycles, flexible technology integration, enhanced security and an updated privacy and liability regime.
The key take-aways
The regulatory landscape in Canada and how open banking is likely to progress
Critical success factors for Canadian banks to succeed in open banking
Payments transformation as a necessity for open banking
New customer propositions powered by open banking
The webinar panel
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Maintaining a trusted open banking ecosystem requires a clear customer-centric business strategy, new business and operating models, rapid innovation cycles, flexible technology integration, enhanced security and an updated privacy and liability regime. We see open banking as a strategic opportunity for both new and established institutions — and also as a strategic risk. As open banking continues to develop in Canada, it will be driven by customer expectations and enabled by new technology.
EY provided policy-making recommendations to the original Open Banking Working Group in the UK, and we continue to support the Open Banking Implementation Entity in production of the open API standards. We have extensive experience supporting a breadth of organizations, from FinTechs to large multinational institutions, across financial services and other sectors. We're also working with a number of Canadian financial institutions on their open banking strategy and capabilities development to help them prepare for what's next and capitalize on this market opportunity.
EY's Canadian Open Banking practice is part of our global open banking innovation center to co-create and prototype and test offerings. We also have a comprehensive suite of global services, delivered through local teams, to help businesses with their customer-centric strategy, compliance, operations, technology, security and end-to-end delivery management.