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Open banking swings both ways for big banks on risks and opportunities: experts
The framework could give Canadians a single view of accounts and may generate $13.2 billion in benefits over 10 years, the department said.
- Canada is gradually progressing toward open banking, which would let people and businesses securely share financial data among lenders.
- Open banking could eventually reduce the market share of Canada’s largest deposit holders, although major disruption may take 10 to 15 years.
- Aiken said banks could also benefit from open banking in some ways.
- Kim said banks could buy or copy successful fintech companies, while Boms said banks would both provide and receive customer-approved data.
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Winnipeg Free Press+8 Reposted by 8 other sources
Open banking swings both ways for big banks on risks and opportunities: experts
As Canada slowly but surely progresses on implementing open banking, what was initially perceived as a risk to the big banks could also present an opportunity for them, experts say.
·Winnipeg, Canada
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This could provide Canadians with an overview of their financial situation.
·Montreal, Canada
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Total News Sources10
Leaning Left4Leaning Right0Center3Last UpdatedBias Distribution57% Left
Bias Distribution
- 57% of the sources lean Left
57% Left
L 57%
C 43%
Factuality
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