Why the world of impact should care about open banking
Why It Matters
Open banking holds transformative potential to reduce costs, improve Canadians' ability to manage financial services, and gain access to a wider range of services. We havenโt yet had a significant conversation about the social purpose merits and potential of open banking. The time for that discussion is now.
In the past few weeks, two events quietly kicked off the next era of financial services in Canada: The Global Summit for Banking on Values and the Government of Canadaโs consultations on open banking.
For the first time, experts from banking and fintech, policymaking, and consumer groups came together to explore what open banking means for growth, economic inequality, and consumer choice.
Although the events received little coverage, they have set in motion ideas and conversations that have the potential to catalyze a radically inclusive economy and society. So, pay attention.
THE BACKDROP
Banks have always held a wealth of data about their customersโ finances and habits. Over time, technology developments have made it easier to collect data, move it around, and make sense of it.
While carrying out banking activities, people generate a str
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