Now, as we look to forge a responsible path toward open banking, we don’t need to look beyond our own border to learn how to build, adopt and safely maintain innovative technologies.
In recent weeks, some have pointed to Britain as a model for Canada to follow. However, a reliance on the British experiment overlooks fundamental differences in our banking systems and regulatory regimes, which make a British-style approach both impractical and fraught with unnecessary complexity. In fact, authorities and industry players there are already looking at ways to reshape and redirect their approach to deliver better outcomes.
We believe Canada would be best served by an industry-led approach, one that will deliver faster results and best fit the country’s regulatory framework and its unique financial-industry structure. Consumer confidence in our financial-services system must be at the centre of our strategy, data privacy a hallmark of what we build, with advanced cybersecurity practices embedded in every step we take.For example, a Canadian approach must empower customers to grant and, just as importantly, to revoke access to third-party providers in a transparent, safe and secure manner.