Canada is at a crossroads.
We are a nation rich in ideas, talent, and ambition, yet we continue to be held back by systems that are slow to change. Our productivity has stalled, and our innovation economy is burdened by legacy institutions. Many of our brightest minds, educated at world-class Canadian universities, are choosing to take their talents elsewhere—seeking environments that reward ambition, encourage experimentation, and make space for bold ideas. This is not a crisis of capability. It is a crisis of competition.
Across many sectors, particularly in financial services, Canadians are faced with limited choices, slower innovation, and experiences that increasingly lag behind what they encounter in other areas of their digital lives. When people evaluate their financial institutions today, they’re not comparing one bank to another. They are comparing them to the best digital experiences they’ve had all day—like tracking a ride in real time or receiving a personalized product recommendation before they even think to ask. In that comparison, banking continues to fall short. (Read my other article: Watching Wealthsimple grow up – part 2)
Canada has postponed the introduction of real competition in the financial sector for too long. The longer we wait, the more the gap widens and the more difficult it becomes to close. We need to recognize that meaningful competition drives progress, and that progress is what will enable us to meet the expectations of modern consumers and thrive globally.
Open banking gives us a chance to reset that trajectory.
The exhibition hall buzzing with excitement
Last week, I had the opportunity to speak at the 2025 Open Banking Expo Canada, a national gathering of leaders working to shape the future of consumer-directed finance. The event brought together a diverse group of voices—from regulators and fintech founders to policy experts and leaders from traditional banks. The energy in the room was electric. Conversations were forward-looking, filled with optimism, and anchored by a shared belief that we can and must build something better for Canadians.
Julia and I had a great day of learning at the 2025 Open Banking Expo!
Beneath that optimism, however, was a quiet urgency. Everyone seemed to understand that this moment matters. The foundation is in place. The will is there. What we need now is momentum, and a commitment to move forward with purpose.
A Backgrounder on Open Banking
What is open banking? Open banking gives Canadians the ability to securely share their financial information—such as transaction history or account balances—with third-party providers like fintech companies, credit unions, or other banks. This is done through secure and standardized digital connections known as APIs. The goal is to give consumers more control, better services, and improved access to personalized financial products.
What is screen scraping, and why is it a concern? Screen scraping happens when consumers share their banking login credentials with a third-party app. The app then logs in on their behalf and copies the data from their online banking interface. While it enables some functionality, it introduces serious risks around privacy, liability, and data misuse. Consumers have little visibility or control over where their data goes or how it’s handled.
How is open banking different? Open banking replaces screen scraping with safer, regulated data-sharing systems. With clear standards and rules, it ensures consumers know who they are sharing data with, what data is being shared, and how it will be used. Consumers stay in control and are protected by oversight and redress mechanisms.
Is Canada using open banking yet? While some elements are in place and more Canadians are using fintech apps, Canada’s open banking framework is still in development. The Consumer-Driven Banking Act passed in 2023, and full implementation is expected by 2026.
Why does open banking matter? It can lower fees, simplify access to financial services, and improve competition. Most importantly, it puts consumers in charge of their own financial data.
Shereen Benzvy Miller’s talk – Commissioner of FCAC
From Caution to Confidence: FCAC’s Vision for Safe Open Banking
At the 2025 Open Banking Expo Canada, Shereen Benzvy Miller, Commissioner of the Financial Consumer Agency of Canada (FCAC), set the tone with a powerful keynote. She laid out Canada’s evolving regulatory vision, rooted in consumer protection and behavioral insights.
Miller cited FCAC research showing that 86% of Canadians would prefer not to use screen scraping if they understood how it worked. That’s a staggering number. And it tells us something critical: once people understand the risks, they want a better way. Open banking is that way.
She also referenced international evidence that trust is more than a moral good—it’s an economic multiplier. A Bank of England study showed that even a modest increase in trust made fintechs four times more likely to invest. Trust, in other words, attracts capital, fuels innovation, and accelerates growth.
Canada’s roadmap is taking shape: secure technical standards, a public registry of approved players, accreditation systems with recognizable trustmarks, and a nationwide consumer education campaign. With just 9% of Canadians familiar with open banking, this last piece is urgent.
Miller’s closing message was clear: we need to empower consumers, not just protect them.
I’m honoured to contribute to the conversation at the 2025 Open Banking Expo Canada!
My Research on the Psychology behind Consumer’s Trust in Open Banking
I had the privilege of presenting with a fast-paced, TED-style talk titled “Open Banking, Closed Minds? What’s Holding Consumers Back?”—a session born from years of studying how social values shape Canadians’ financial decisions. With so much discussion focused on frameworks, technology, and timelines, I wanted to bring the conversation back to the people it’s all meant to serve.
In my talk, I explored the psychological barriers and underlying beliefs that continue to impede acceptance of open banking. Since 2018, Environics Research’s annual Canadian Fintech Syndicated Study has surveyed over 2,000 Canadians each year, delving into a wide range of topics, including data ownership and openness to open banking, some of which were featured in my presentation. The session was framed around three interconnected reflections:
- One Size Does Not Fit All: Understanding Fintech Segments
We often talk about Canadians as a monolith, but their values and risk tolerance vary dramatically. Drawing on our fintech segmentation research, I explored how different institutions serve different mixes of consumer mindsets:
- Enthusiastic Experimenters embrace change. They’re optimistic about technology, open to new tools, and more forgiving of early mistakes. For them, innovation isn’t scary—it’s expected.
- Anxious Traditionalists are cautious and skeptical. Data privacy is paramount. A breach, a confusing interface, or poor communication can end a relationship overnight.
This distinction has ripple effects. An institution heavy on Anxious Traditionalists will likely have a slower product roadmap, conservative messaging, and heightened privacy requirements. Meanwhile, a fintech leaning into Enthusiastic Experimenters can launch quickly, iterate openly, and gather real-time feedback.
The cost of innovation varies greatly depending on who you serve. For Enthusiastic Experimenters, an error is part of progress. For Anxious Traditionalists, it’s a breach of trust.
Understanding the human landscape is not a ‘nice-to-have’—it’s critical infrastructure. Every open banking journey must begin with this lens.
2. The Hidden Crisis: Canadians Don’t Know They Own Their Data
One of the most startling insights from our research is that only 58% of Canadians believe they own their personal identifiable information (things like their name, date of birth, or address), as it relates to their financial relationship. That means nearly half of the country doesn’t feel entitled to move their own data.
That raises a deeper issue: data portability means little if the public doesn’t first believe they have the right to their data. Before we architect APIs and consent frameworks, we need to address the underlying identity crisis. Ownership must precede portability.
We can’t expect a nation to leap into open banking if they’re unsure it’s even their leap to make.
Many consumers don’t believe they own their identifiable information as it relates to financial transactions.
3. Complexity Overload: The Emotional Weight of “Don’t Know”
In one use case, we asked Canadians if they would be willing to share their transaction history between TD and RBC through an encrypted method to get a better mortgage rate. 45% of Canadians said yes. When asked if they’d do the same with Facebook or LinkedIn, that support plummeted to just 13%.
But the most interesting cohort were the 23% who answered “Don’t know.” This wasn’t about ambivalence, it was emotional overload. These respondents score high on two core social values: Parochialism and Aversion to Complexity. The topic feels too abstract, too risky, and cognitively exhausting. Their response wasn’t indecision—it was withdrawal.
For these individuals, the mere idea of deciding who gets access to their financial data is overwhelming. No amount of slick UX or legal fine print will overcome that unless we recognize the emotional dimensions of trust.
The takeaway? We must meet Canadians where they are. That means simplifying language, clarifying control, and anchoring trust in emotional security—not just technical documentation.
This talk was deeply personal to me because I see the disconnect between visionary strategy and consumer readiness every day. If we don’t prioritize consumer understanding now, we’ll be forced to confront consumer backlash later. Open banking will only succeed if it starts with open minds.
Looking Ahead: Competition Is a Catalyst, Not a Threat
We are not alone in this journey. The UK, Australia, and the EU have all made significant progress on open banking. The US, though slower to regulate, has a thriving fintech ecosystem with strong consumer adoption. We must catch up—not blindly, but by learning from what works and avoiding what doesn’t.
Canada doesn’t need to settle for being a consumer of other countries’ innovations. We can be a builder, a leader, a shaper of the global financial future. But only if we make competition part of our national identity—not a risk to manage, but a catalyst to embrace.
Open banking is not just a policy—it’s a principle. One that affirms consumer choice, rewards innovation, and unlocks opportunity. I’m proud to do my part in advancing this conversation, and I invite others—regulators, financial institutions, entrepreneurs, and everyday Canadians—to do the same.
Let’s build a Canada that competes. Let’s build a Canada that trusts. Let’s build a Canada that leads.
Part 2 coming soon: I’ll dive deeper into the insights and discussions from the Expo’s many panels, with implications for banks, fintechs, regulators, and beyond.
Parochialism
Aversion To Complexity