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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
Thorsten Koeppl

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

Professor Koeppl is Professor and RBC Fellow in the Department of Economics at Queen’s University and Scholar in Financial Services and Monetary Policy at the Institute.

Jeremy Kronick
Jeremy Kronick

Jeremy is Associate Director, Research at the C.D. Howe Institute, where he is in charge of the financial services and monetary policy research programs.  He has written on a range of topics including the link between demographics and monetary policy, how blockchain technology will impact the economy, and the importance of the financial services sector in trade negotiations.