The era of Open Banking

Open Banking has the potential to reshape the future of the financial services industry. However, realizing its full potential will require prudent thinking on its design, applications, and implications. This article is Deloitte’s first release of a multi-part series that explores the most pertinent Open Banking issues facing Canada’s financial services sector.

In this article, we explore the five elements that will ensure Open Banking in Canada drives the most value to consumers through collaboration:

1. Data scope expansion
2. Clearly defined oversight for new entities
3. End user adoption by design
4. Frictionless migration
5. Supporting the innovation ecosystem