RESEARCH REPORT

In brief

In brief

  • Open Banking is currently of little interest for most Canadian consumers, and most trust their banks above all others with their financial data.
  • Younger Canadians are more interested in Open Banking than their older peers, and would share their financial data if they would benefit in return.
  • Canadian banks have a trust advantage and should act now to develop Open Banking solutions in partnership with fintech firms and other specialists.


Open Banking is coming to Canada, and banks should ensure they are ready for it. As this article shows, failing to act could see banks disintermediated.

Although Accenture’s survey shows most Canadians aren’t yet interested in the benefits of Open Banking, a closer analysis of the data shows that younger people are much keener to share their financial data in exchange for benefits.

And as Open Banking becomes more familiar, increasing numbers of customers will seek out its benefits.

89%

Had at least one concern about open banking

71%

Said additional security measures (such as authentication passwords, biometric technology or real-time analysis of payments) would help address those concerns

“Banks, therefore, should act now to draw up a strategic plan and decide where in the broader Open Banking ecosystem they want to position themselves,” says Andrew McFarlane, Managing Director, Canadian Payments Practice Lead & Global Open Banking Lead.

The survey also shows that Canada’s banks are well respected and highly trusted, McFarlane says – plaudits they’ve earned by being cautious.

“And while it’s certainly the case that their approach paid off, and in particular during the 2008-09 global financial crisis, the question now is whether banks are sufficiently innovative,” he says.

“That is their biggest challenge—can they be innovative and offer new products and services, or will they stay cautious and be unable to face down fintechs and challenger banks that are waiting for the start of Open Banking?”

Given that Open Banking is coming, Canada’s banks have a golden opportunity on their hands. But they need to seize it.

About the Authors

Robert Vokes

Senior Managing Director, Lead – Financial Services, Canada


Andrew McFarlane

Managing Director – Payments and Global Open Banking


Jonathan Magder

Canadian Payments Lead – Accenture Strategy, Lead – Open Banking, North America

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