Open Banking will change the way Canadians experience digital banking. The user experience will be much more seamless, efficient and secure. The streamlined data sharing in the financial ecosystem will bring more choices of financial products for Canadians and spur new innovations.
Canada’s Open Banking journey has been sluggish so far, as compared to other jurisdictions around the world. With a customer centric approach, the open data economy would ensure a fair market with user-permissioned data available for newer and smaller players bringing innovation and cost reduction in the industry.
Equitable Bank, Canada’s Challenger BankTM believes Open Banking will have a significant positive impact on the economy by improving the product offerings tailored to customer needs and giving more control to consumers.