Open Data: Not Just Open Banking

As Canada approaches 2025, the financial industry faces a pivotal opportunity: shifting its focus from open banking to a broader open data framework. While countries like Australia and Brazil are leading the charge with open data initiatives across industries, Canada remains stalled, missing a transformational opportunity that could add up to 1% GDP growth (McKinsey).
 

This download explores:

• Canada’s current challenges in implementing open banking include undefined timelines, a lack of mandates, and stagnant progress.

• There is a critical need to embrace consumer-driven data sharing beyond banking, encompassing open energy, open insurance, and other industries to empower consumers and drive innovation.

• Global benchmarks like Australia’s Consumer Data Right and Brazil’s standardized API ecosystems highlight tangible benefits such as increased competition, product innovation, and improved financial inclusion.
   

To realize this potential, Canada must prioritize a clear roadmap for open finance and position itself as a leader in open data. By fostering collaboration, defining governance, and enabling secure, permissioned data flows, Canada can unlock a stronger, more inclusive financial ecosystem that benefits consumers, businesses, and the economy.
 

Download the full article to learn how open data can transform Canada’s financial future and inspire global innovation.