The term ‘open banking’ is a hot topic in financial services. One may wonder why we are calling it ‘open,’ when it really means giving new financial solution providers or fintechs the opportunity to enrich the customer experience with less friction. It also offers consumers the ability to access their banking data and choose how they bank across providers.
Simply put, open banking is placing the decision in the hands of the consumer to decide what products and services will make their individual customer experience exceptional.
The big question for Canada is – should this transformation be regulation or industry-led?