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September 10, 2020

Open Banking Holds Promise, Risks for Consumers

  • The path towards safe and secure implementation of open banking should be guided by three consumer-focused pillars: generating value for consumers, building secure infrastructure for data sharing, and improving the regulatory framework to protect consumers. 
  • Authors Thorsten V. Koeppl and Jeremy Kronick lay out a roadmap to guide Canada’s upcoming open banking consultations, and explore the potential benefits and risks to consumers.
  • In the long run, for open banking to become an unequivocal success, Canada will require a fundamental and extensive overhaul of its regulatory framework, conclude Koeppl and Kronick. Open banking may very well be the catalyst to achieve such change. 
Thorsten Koeppl

Scholar in Financial Services and Monetary Policy, C.D. Howe Institute

Jeremy Kronick

Jeremy M. Kronick is Associate Vice President and Director of the Centre on Financial and Monetary Policy at the C.D. Howe Institute.