Careers
Work with us
Winning the Open Banking Race

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.

Open Banking whitepaper cover

Gain access to our findings for advancing in the open banking race while regulators are working hard to finalize the remaining details.

Download Whitepaper
Financial Services | Digital Banking | Fintech | Open Banking

2023 Fall Economic Update onĀ Consumer-Driven Banking šŸ„³

November 29, 2023

When we attended the CLA Lenders Summit 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 Advisory Committee on Open Banking Report which became the mandate of Abraham Tachjian, who was appointed as Canada’s Open Banking lead, by the Liberal government in 2022.

Fast-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.

Aside from a snazzy rebrand of the open banking moniker, the policy statement on Consumer-Driven Banking outlined the goal of “adopting legislation and fully implementing the necessary governance framework by 2025”. 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 ā€œMaking Life More Affordableā€ in the economic update.Ā  The update for Canada now seems to be following a similar path to how policy is being shaped and implemented in the US.

Our Take:

As 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.

You can read the full Fall Economic Statement here but if you are short on time, ChatGPT did a pretty good job of summarizing the statement in bullets, below.

 

Introduction to Consumer-Driven Banking:

    • Allows secure transfer of financial data via API.
    • Aims to replace unsecure screen-scraping.
    • Enables access to data-driven financial services.

Benefits of Consumer-driven Banking:

    • Consumers gain secure access to innovative financial tools.
    • Greater control over financial data for improved outcomes.
    • Small businesses experience reduced administrative burden.

Policy Objectives:

    • Safety and soundness of the financial sector.
    • Consumer financial well-being and protection.
    • Economic growth and international competitiveness.

Core Framework Elements:

    • Governance: Oversight and management of the system.
    • Scope: Types of data, participants, and expansion pace.
    • Accreditation: Requirements for participating in data sharing.
    • Common Rules: Privacy, security, and liability guidelines.
    • Technical Standards: Establishment and oversight of data flow.

Course of Action (Legislation in 2024):

    • Phased approach to scope, oversight, and screen-scraping elimination.
    • Key elements codified in legislation.
    • Mandate to a government-led entity for supervision and enforcement.

Governance (Effective Oversight):

    • Government-led entity to supervise and enforce the framework.
    • Model for provincial entities to “opt-in” to governance.
    • Strong governance framework to ensure compliance.

Scope (Phased Implementation):

    • Initial phase includes federally-regulated financial institutions.
    • Opt-in option for credit unions and third parties.
    • Reciprocal access for all entities to promote data portability.

Accreditation (Trusted Data Sharing):

    • Formal framework for entities collecting consumer data.
    • Regular reporting for accreditation maintenance.
    • Exemption for federally-regulated banks and credit unions.

Common Rules (Transparent Foundation):

    • Privacy, security, and liability obligations.
    • Compliance as a condition for data access.
    • Complements existing legislation.

Privacy (Protection Measures):

    • Participants must comply with legislative frameworks.
    • Specific privacy rules for financial data sharing.
    • Consent dashboards for real-time consumer control.

Liability (Clear Structure):

    • Statutory contractual relationship between participants.
    • Liability moves with the data and rests with the party at fault.
    • Internal policies and procedures for complaint handling.

Security (Protecting Consumer Data):

    • Clear security requirements for accredited entities.
    • Oversight of security standards in legislation.
    • Ongoing reporting obligations for data protection.

Single Technical Standard:

    • Mandate for a single technical standard.
    • Legislation to outline principles and oversight.

Next Steps for consumer-driven banking:

    • Department of Finance aims to implement the framework by 2025.
    • Ongoing engagement with industry stakeholders.
    • Legislative framework development and phased implementation.

Related Insights

Financial Services
Automation
BPI
Case Studies

Process Improvement and Automation Support the Mission at Trez Capital šŸš€

July 29, 2024
Read Now
Trez Capital

Trez distributes capital based on very specific criteria. But with over 300 investments in their portfolio, they process numerous payment requests and deal with documents in varied data formats. They saw an opportunity to enhance efficiency, improve task management, and better utilize data insights for strategic decision-making.

Financial Services
Consumer Driven Banking
Open Banking
Articles

How Open Banking Will Empower Small Businesses in Canada

June 06, 2024
Learn More
small business owners benefitting from open banking technology

With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.

Financial Services
AI
Digital Transformation
Articles

Align, Assemble, Assure: A Framework for AI Adoption

May 09, 2024
Learn More

An in-depth guide for adopting and scaling AI in the enterprise using actionable and measurable steps.

Financial Services
Advisory Services
Artificial Intelligence
Articles

Blanc Labs Welcomes Two New Leaders to Advance AI Innovation and Enhance Tech Advisory Services for Financial Institutions Across North America

May 07, 2024
Learn More

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.

Financial Services
Banking Automation
Enterprise Automation
Articles

Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions

May 03, 2024
Learn More

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.

Financial Services
Business Process Improvement
Enterprise Automation
Articles

BPI in Banking and Financial Services in the US & Canada

April 23, 2024
Learn More
Business Process Improvement in Financial Services in 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.

Financial Services
Banking Automation
Business Process Improvement
Articles

Business Process Improvement vs Business Process ReengineeringĀ 

April 08, 2024
Learn More

Business process improvement vs. reengineering is a tough choice. In this guide, we help you choose between the two based on four factors.

Financial Services
Business Process Improvement
Articles

What is the role of a Business Process Improvement Specialist?Ā 

February 16, 2024
Learn More
Business Process Improvement Specialist in Canada

A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.

Financial Services
API Management
Open Banking
Financial Services

Open Banking TechnologyĀ Architecture Whitepaper

February 13, 2024
Learn More

Weā€™ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.

Insight
AI
Enterprise Automation
Articles

These are not your grandmotherā€™s models: the impact of LLM’s on Document Processing

January 22, 2024
Learn More
These are not your grandmotherā€™s models: the impact of Large Language Models 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.

Financial Services
Integrations
Services
Case Studies

Blanc Labs Expedites the Development of Mortgage Product for Canada’s Top Brokerage

September 27, 2023
Read Now
Financial Services
API Management
Digital Banking
Articles

5 Benefits of Open Banking APIs

March 23, 2023
Learn More
Financial Services
API Management
IT Management
Company News

Blanc Labs and Axway partner up to provide integrated open banking solutions for all

October 05, 2022
Learn More
Financial Services
API Management
Digital Banking
Articles

5 Factors to Evaluate Open Banking Readiness in Canada

September 28, 2022
Learn More
Financial Services
API Management
Digital Banking
Articles

4 Ways APIs Can Improve Your Bank

June 08, 2022
Learn More
Financial Services
Automation
BPI
Case Studies

Process Improvement and Automation Support the Mission at Trez Capital šŸš€

July 29, 2024
Read Now
Trez Capital

Trez distributes capital based on very specific criteria. But with over 300 investments in their portfolio, they process numerous payment requests and deal with documents in varied data formats. They saw an opportunity to enhance efficiency, improve task management, and better utilize data insights for strategic decision-making.

Financial Services
Consumer Driven Banking
Open Banking
Articles

How Open Banking Will Empower Small Businesses in Canada

June 06, 2024
Learn More
small business owners benefitting from open banking technology

With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.

Financial Services
AI
Digital Transformation
Articles

Align, Assemble, Assure: A Framework for AI Adoption

May 09, 2024
Learn More

An in-depth guide for adopting and scaling AI in the enterprise using actionable and measurable steps.

Financial Services
Advisory Services
Artificial Intelligence
Articles

Blanc Labs Welcomes Two New Leaders to Advance AI Innovation and Enhance Tech Advisory Services for Financial Institutions Across North America

May 07, 2024
Learn More

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.

Financial Services
Banking Automation
Enterprise Automation
Articles

Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions

May 03, 2024
Learn More

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.

Financial Services
Business Process Improvement
Enterprise Automation
Articles

BPI in Banking and Financial Services in the US & Canada

April 23, 2024
Learn More
Business Process Improvement in Financial Services in 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.

Financial Services
Banking Automation
Business Process Improvement
Articles

Business Process Improvement vs Business Process ReengineeringĀ 

April 08, 2024
Learn More

Business process improvement vs. reengineering is a tough choice. In this guide, we help you choose between the two based on four factors.

Financial Services
Business Process Improvement
Articles

What is the role of a Business Process Improvement Specialist?Ā 

February 16, 2024
Learn More
Business Process Improvement Specialist in Canada

A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.

Financial Services
API Management
Open Banking
Financial Services

Open Banking TechnologyĀ Architecture Whitepaper

February 13, 2024
Learn More

Weā€™ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.

Insight
AI
Enterprise Automation
Articles

These are not your grandmotherā€™s models: the impact of LLM’s on Document Processing

January 22, 2024
Learn More
These are not your grandmotherā€™s models: the impact of Large Language Models 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.

Financial Services
Integrations
Services
Case Studies

Blanc Labs Expedites the Development of Mortgage Product for Canada’s Top Brokerage

September 27, 2023
Read Now
Financial Services
API Management
Digital Banking
Articles

5 Benefits of Open Banking APIs

March 23, 2023
Learn More
Financial Services
API Management
IT Management
Company News

Blanc Labs and Axway partner up to provide integrated open banking solutions for all

October 05, 2022
Learn More
Financial Services
API Management
Digital Banking
Articles

5 Factors to Evaluate Open Banking Readiness in Canada

September 28, 2022
Learn More
Financial Services
API Management
Digital Banking
Articles

4 Ways APIs Can Improve Your Bank

June 08, 2022
Learn More
Financial Services
Automation
BPI
Case Studies

Process Improvement and Automation Support the Mission at Trez Capital šŸš€

July 29, 2024
Read Now
Trez Capital

Trez distributes capital based on very specific criteria. But with over 300 investments in their portfolio, they process numerous payment requests and deal with documents in varied data formats. They saw an opportunity to enhance efficiency, improve task management, and better utilize data insights for strategic decision-making.

Financial Services
Consumer Driven Banking
Open Banking
Articles

How Open Banking Will Empower Small Businesses in Canada

June 06, 2024
Learn More
small business owners benefitting from open banking technology

With 85% of business owners seeking faster access to capital in today’s challenging economy, Open Banking offers a way out. This guide explores how it addresses issues like high inflation and slow lending processes, aiding small businesses in navigating the evolving landscape.

Financial Services
AI
Digital Transformation
Articles

Align, Assemble, Assure: A Framework for AI Adoption

May 09, 2024
Learn More

An in-depth guide for adopting and scaling AI in the enterprise using actionable and measurable steps.

Financial Services
Advisory Services
Artificial Intelligence
Articles

Blanc Labs Welcomes Two New Leaders to Advance AI Innovation and Enhance Tech Advisory Services for Financial Institutions Across North America

May 07, 2024
Learn More

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.

Financial Services
Banking Automation
Enterprise Automation
Articles

Blanc Labs Partners with TCG Process to Integrate their Automation and Orchestration Platform and deliver Advanced Intelligent Workflow Automation to Financial Institutions

May 03, 2024
Learn More

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.

Financial Services
Business Process Improvement
Enterprise Automation
Articles

BPI in Banking and Financial Services in the US & Canada

April 23, 2024
Learn More
Business Process Improvement in Financial Services in 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.

Financial Services
Banking Automation
Business Process Improvement
Articles

Business Process Improvement vs Business Process ReengineeringĀ 

April 08, 2024
Learn More

Business process improvement vs. reengineering is a tough choice. In this guide, we help you choose between the two based on four factors.

Financial Services
Business Process Improvement
Articles

What is the role of a Business Process Improvement Specialist?Ā 

February 16, 2024
Learn More
Business Process Improvement Specialist in Canada

A business process improvement specialist identifies bottlenecks and inefficiencies in your workflows, allowing you to focus efforts on automating the right processes.

Financial Services
API Management
Open Banking
Financial Services

Open Banking TechnologyĀ Architecture Whitepaper

February 13, 2024
Learn More

Weā€™ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.

Insight
AI
Enterprise Automation
Articles

These are not your grandmotherā€™s models: the impact of LLM’s on Document Processing

January 22, 2024
Learn More
These are not your grandmotherā€™s models: the impact of Large Language Models 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.

Financial Services
Integrations
Services
Case Studies

Blanc Labs Expedites the Development of Mortgage Product for Canada’s Top Brokerage

September 27, 2023
Read Now
Financial Services
API Management
Digital Banking
Articles

5 Benefits of Open Banking APIs

March 23, 2023
Learn More
Financial Services
API Management
IT Management
Company News

Blanc Labs and Axway partner up to provide integrated open banking solutions for all

October 05, 2022
Learn More
Financial Services
API Management
Digital Banking
Articles

5 Factors to Evaluate Open Banking Readiness in Canada

September 28, 2022
Learn More
Financial Services
API Management
Digital Banking
Articles

4 Ways APIs Can Improve Your Bank

June 08, 2022
Learn More