Are you ready for open banking?

Financial services organizations and consumers are hearing the murmurs about open banking in Canada. It hasn’t been implemented yet, but everyone wants a system that enables opportunities around financial data and leads to product and service innovation, that observes strong consumer privacy and data protections, and that mitigates business and cyber security risk. As regulators and stakeholders consider open banking frameworks that build on and promote Canadian priorities, they’re looking to global experiences to shape the path forward.

Open banking isn’t one-size-fits-all. It impacts stakeholders differently depending on what form it takes. Organizations across industries need to be prepared to adapt their payment and finance processes to both accommodate and leverage the open banking landscape of the future. During the foundational stages, it’s critical for stakeholders to have a say in the framework and regulations.

KPMG’s experience with open banking as it rolls out in different jurisdictions across the globe highlights a range of issues that Canada may face in structuring its own open banking rules and processes. In this e-book, we’ve gathered key insights and success factors to help you discover:

• How identifying priority use cases for open banking is a prerequisite for success
• How other jurisdictions are bringing open banking innovations to industries beyond finance
• How critical it is to connect consent to the consumer experience
• Proven strategies to mitigate transactional risk and ensure compliance
• The importance of a strong regulatory framework with meaningful stakeholder participation
• That progressing step by step is better than doing everything at once

Are you ready for open banking? Download “What does open banking mean for you?” and watch the webinar replay to learn more.