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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.