Blanc Labs and Altitude Consulting dug deep into successful models of adoption of challenger banks and found five key areas that will make or break your open banking strategy.
Gain access to our findings for advancing in the open banking race while regulators are working hard to finalize the remaining details.
u003cdivu003ernu003cdiv class=u0022scriptor-paragraphu0022u003ernrnWhen we attended the u003ca href=u0022https://www.canada.ca/en/department-finance/news/2022/03/government-moves-forward-with-open-banking-and-names-a-lead.htmlu0022 target=u0022_blanku0022 rel=u0022noopeneru0022u003eu003cspan role=u0022linku0022u003eCLA Lenders Summitu003c/spanu003eu003c/au003e a few weeks ago, it seemed like everyone was ready to sign the death certificate for Open Banking in Canada. Very little, if any, material progress had been communicated on behalf of the government to create a regulatory framework or policy mandate to make good on the promise or timelines defined by an u003ca href=u0022https://www.canada.ca/en/department-finance/news/2022/03/government-moves-forward-with-open-banking-and-names-a-lead.htmlu0022 target=u0022_blanku0022 rel=u0022noopeneru0022u003eu003cspan role=u0022linku0022u003eAdvisory Committee on Open Banking Reportu003c/spanu003eu003c/au003e which became the mandate of u003ca href=u0022https://www.canada.ca/en/department-finance/news/2022/03/government-moves-forward-with-open-banking-and-names-a-lead.htmlu0022 target=u0022_blanku0022 rel=u0022noopeneru0022u003eu003cspan role=u0022linku0022u003eAbraham Tachjianu003c/spanu003eu003c/au003e, who was appointed as Canada’s Open Banking lead, by the Liberal government in 2022.rnu003cdiv class=u0022scriptor-paragraphu0022u003eFast-forward to Wednesday November 21st, 2023 when Finance Minister Chrystia Freeland provided her 2023 Fall Economic Update, our team, as well as many of our clients and industry collaborators were taken by surprise when the Liberals laid out a framework and timeline for Canada to implement a Consumer-Driven Banking approach.u003c/divu003ernu003c/divu003ernu003cdivu003eu003cimg class=u0022aligncenter wp-image-6915 size-fullu0022 src=u0022https://blanclabs.com/wp-content/uploads/2023/11/Screenshot-2023-11-28-at-9.51.50-AM.pngu0022 alt=u0022u0022 width=u0022962u0022 height=u0022343u0022 /u003eu003c/divu003ernu003cdiv class=u0022scriptor-paragraphu0022u003ernrnAside from a snazzy rebrand of the open banking moniker, the policy statement on Consumer-Driven Banking outlined the goal of u0022adopting legislation and fully implementing the necessary governance framework by 2025u0022. It would seem from the update, part of the government’s motivation for moving ahead with consumer-driven banking is a focus on the affordability crises facing many Canadians. The Consumer-Driven Banking policy statement was listed under the header of āMaking Life More Affordableā in the economic update.Ā The update for Canada now seems to be following a similar path to u003ca href=u0022https://www.consumerfinance.gov/about-us/newsroom/cfpb-proposes-rule-to-jumpstart-competition-and-accelerate-shift-to-open-banking/u0022 target=u0022_blanku0022 rel=u0022noopeneru0022u003ehow policy is being shaped and implemented in the US. u003c/au003ernrnu003c/divu003ernu003cimg class=u0022aligncenter wp-image-6916 size-largeu0022 src=u0022https://blanclabs.com/wp-content/uploads/2023/11/Screenshot-2023-11-28-at-9.47.37-AM-1024×396.pngu0022 alt=u0022u0022 width=u00221024u0022 height=u0022396u0022 /u003ernrnu003cstrongu003eOur Take:u003c/strongu003ernrnAs long-term believers in the benefits of Open Banking, we are thrilled to learn of the renewed commitment to making consumer-directed banking a reality in Canada.Ā While there is still a lot of work to be done as well as the additional hurdle of newĀ legislation being tabled during an election cycle, we are committed to the potentialĀ benefits of Consumer Directed Banking for banking customers and the significant opportunity for innovation and collaboration in the Canadian financial services sector.rnrnu003c/divu003e
You can read the full u003ca href=u0022https://www.canada.ca/en/department-finance/programs/financial-sector-policy/open-banking-implementation/2023-fes-policy-statement-consumer-driven-banking.htmlu0022 target=u0022_blanku0022 rel=u0022noopeneru0022u003eu003cspan role=u0022linku0022u003eFall Economic Statement hereu003c/spanu003eu003c/au003e but if you are short on time, ChatGPT did a pretty good job of summarizing the statement in bullets, below.rnrnu0026nbsp;rnrnu003c/divu003ernu003ch2 class=u0022scriptor-paragraphu0022u003eu003cstrongu003eIntroduction to Consumer-Driven Bankingu003c/strongu003e:u003c/h2u003ernu003culu003ern tu003cli style=u0022list-style-type: none;u0022u003ernu003cul class=u0022u0022u003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eAllows secure transfer of financial data via API.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eAims to replace unsecure screen-scraping.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eEnables access to data-driven financial services.u003c/liu003ernu003c/ulu003ernu003c/liu003ernu003c/ulu003ernu003ch3u003eBenefits of Consumer-driven Banking:u003c/h3u003ernu003cul class=u0022u0022u003ern tu003cli style=u0022list-style-type: none;u0022u003ernu003cul class=u0022u0022u003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eConsumers gain secure access to innovative financial tools.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eGreater control over financial data for improved outcomes.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eSmall businesses experience reduced administrative burden.u003c/liu003ernu003c/ulu003ernu003c/liu003ernu003c/ulu003ernu003ch3 class=u0022scriptor-paragraphu0022u003ePolicy Objectives:u003c/h3u003ernu003cul class=u0022u0022u003ern tu003cli style=u0022list-style-type: none;u0022u003ernu003cul class=u0022u0022u003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eSafety and soundness of the financial sector.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eConsumer financial well-being and protection.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eEconomic growth and international competitiveness.u003c/liu003ernu003c/ulu003ernu003c/liu003ernu003c/ulu003ernu003ch3 class=u0022scriptor-paragraphu0022u003eCore Framework Elements:u003c/h3u003ernu003cul class=u0022u0022u003ern tu003cli style=u0022list-style-type: none;u0022u003ernu003cul class=u0022u0022u003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eGovernance: Oversight and management of the system.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eScope: Types of data, participants, and expansion pace.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eAccreditation: Requirements for participating in data sharing.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eCommon Rules: Privacy, security, and liability guidelines.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eTechnical Standards: Establishment and oversight of data flow.u003c/liu003ernu003c/ulu003ernu003c/liu003ernu003c/ulu003ernu003ch3 class=u0022scriptor-paragraphu0022u003eCourse of Action (Legislation in 2024):u003c/h3u003ernu003cul class=u0022u0022u003ern tu003cli style=u0022list-style-type: none;u0022u003ernu003cul class=u0022u0022u003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003ePhased approach to scope, oversight, and screen-scraping elimination.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eKey elements codified in legislation.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eMandate to a government-led entity for supervision and enforcement.u003c/liu003ernu003c/ulu003ernu003c/liu003ernu003c/ulu003ernu003ch3 class=u0022scriptor-paragraphu0022u003eGovernance (Effective Oversight):u003c/h3u003ernu003cul class=u0022u0022u003ern tu003cli style=u0022list-style-type: none;u0022u003ernu003cul class=u0022u0022u003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eGovernment-led entity to supervise and enforce the framework.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eModel for provincial entities to u0022opt-inu0022 to governance.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eStrong governance framework to ensure compliance.u003c/liu003ernu003c/ulu003ernu003c/liu003ernu003c/ulu003ernu003ch3 class=u0022scriptor-paragraphu0022u003eScope (Phased Implementation):u003c/h3u003ernu003cul class=u0022u0022u003ern tu003cli style=u0022list-style-type: none;u0022u003ernu003cul class=u0022u0022u003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eInitial phase includes federally-regulated financial institutions.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eOpt-in option for credit unions and third parties.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eReciprocal access for all entities to promote data portability.u003c/liu003ernu003c/ulu003ernu003c/liu003ernu003c/ulu003ernu003ch3 class=u0022scriptor-paragraphu0022u003eAccreditation (Trusted Data Sharing):u003c/h3u003ernu003cul class=u0022u0022u003ern tu003cli style=u0022list-style-type: none;u0022u003ernu003cul class=u0022u0022u003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eFormal framework for entities collecting consumer data.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eRegular reporting for accreditation maintenance.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eExemption for federally-regulated banks and credit unions.u003c/liu003ernu003c/ulu003ernu003c/liu003ernu003c/ulu003ernu003ch3 class=u0022scriptor-paragraphu0022u003eCommon Rules (Transparent Foundation):u003c/h3u003ernu003cul class=u0022u0022u003ern tu003cli style=u0022list-style-type: none;u0022u003ernu003cul class=u0022u0022u003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003ePrivacy, security, and liability obligations.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eCompliance as a condition for data access.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eComplements existing legislation.u003c/liu003ernu003c/ulu003ernu003c/liu003ernu003c/ulu003ernu003ch3 class=u0022scriptor-paragraphu0022u003ePrivacy (Protection Measures):u003c/h3u003ernu003cul class=u0022u0022u003ern tu003cli style=u0022list-style-type: none;u0022u003ernu003cul class=u0022u0022u003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eParticipants must comply with legislative frameworks.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eSpecific privacy rules for financial data sharing.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eConsent dashboards for real-time consumer control.u003c/liu003ernu003c/ulu003ernu003c/liu003ernu003c/ulu003ernu003ch3 class=u0022scriptor-paragraphu0022u003eLiability (Clear Structure):u003c/h3u003ernu003cul class=u0022u0022u003ern tu003cli style=u0022list-style-type: none;u0022u003ernu003cul class=u0022u0022u003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eStatutory contractual relationship between participants.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eLiability moves with the data and rests with the party at fault.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eInternal policies and procedures for complaint handling.u003c/liu003ernu003c/ulu003ernu003c/liu003ernu003c/ulu003ernu003ch3 class=u0022scriptor-paragraphu0022u003eSecurity (Protecting Consumer Data):u003c/h3u003ernu003cul class=u0022u0022u003ern tu003cli style=u0022list-style-type: none;u0022u003ernu003cul class=u0022u0022u003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eClear security requirements for accredited entities.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eOversight of security standards in legislation.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eOngoing reporting obligations for data protection.u003c/liu003ernu003c/ulu003ernu003c/liu003ernu003c/ulu003ernu003ch3 class=u0022scriptor-paragraphu0022u003eSingle Technical Standard:u003c/h3u003ernu003cul class=u0022u0022u003ern tu003cli style=u0022list-style-type: none;u0022u003ernu003cul class=u0022u0022u003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eMandate for a single technical standard.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eLegislation to outline principles and oversight.u003c/liu003ernu003c/ulu003ernu003c/liu003ernu003c/ulu003ernu003cdivu003eu003c/divu003ernu003ch3 class=u0022scriptor-paragraphu0022u003eNext Steps for consumer-driven banking:u003c/h3u003ernu003cul class=u0022u0022u003ern tu003cli style=u0022list-style-type: none;u0022u003ernu003cul class=u0022u0022u003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eDepartment of Finance aims to implement the framework by 2025.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eOngoing engagement with industry stakeholders.u003c/liu003ern tu003cli class=u0022scriptor-listItemlist!list-a86a1349-6c62-4155-a545-1b8bb5a37b2b0u0022u003eLegislative framework development and phased implementation.u003c/liu003ernu003c/ulu003ernu003c/liu003ernu003c/ulu003e
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An in-depth guide for adopting and scaling AI in the enterprise using actionable and measurable steps.
Blanc Labs Welcomes Two New Leaders to Advance AI Innovation and Enhance Tech Advisory Services for Financial Institutions Across North America
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions
Blanc Labs and TCG Process have partnered to transform lending operations with innovative automation solutions, using the DocProStar platform to enhance efficiency, compliance, and customer satisfaction in the Canadian lending market.
BPI in Banking and Financial Services in the US & Canada
Banking and financial services are changing fast. Moving from old, paper methods to new, digital ones is key to staying in business. It’s important to think about how business process improvement (BPI) can help.
Business Process Improvement vs Business Process ReengineeringĀ
Business process improvement vs. reengineering is a tough choice. In this guide, we help you choose between the two based on four factors.
What is the role of a Business Process Improvement Specialist?Ā
A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.
Open Banking TechnologyĀ Architecture Whitepaper
Weāve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.
Winning the Open Banking Race: A Challenger’s Path to Entering the Ecosystem Economy
Learn about the steps you can take in forming an open banking strategy and executing on it.
Canadian IT services firms offer a strategic opportunity for US Banks and FIs
Discover the strategic advantage for U.S. banks embracing innovation with cost-effective Canadian nearshore IT support.
These are not your grandmotherās models: the impact of LLM’s on Document Processing
Explore the transformative influence of large language models (LLMs) on document processing in this insightful article. Discover how these cutting-edge models are reshaping traditional approaches, unlocking new possibilities in data analysis, and revolutionizing the way we interact with information.
From Chaos to Clarity: Achieving Operational Excellence through Business Process Improvement
Discover transformative insights and strategies to streamline operations, enhance efficiency, and drive success.
Blanc Labs Expedites the Development of Mortgage Product for Canada’s Top Brokerage
The Kapti product team worked closely with the online brokerageās business and mortgage operations teams to configure the document types and user experience flows. Details about process efficiency in entirely different digital settingsālike the comparison on https://localoptimizerhub.com/bovegas-canada-bonuses-banking-and-mobile-play/āshow how consistent, well-designed user journeys are valued across online services.
5 Benefits of Open Banking APIs
Blanc Labs and Axway partner up to provide integrated open banking solutions for all
5 Factors to Evaluate Open Banking Readiness in Canada
There is visibility over the entire API catalogue and tooling to track and monitor API performance. https://au.trustpilot.com/review/card-casino-au.com highlights how transparent service listings and up-to-date user feedback can foster greater trust, especially when customers are choosing between options online.