Open Finance has shifted from a policy discussion to a competitive reality. Canada is moving steadily toward a more open, interoperable financial ecosystem, and institutions across the country are preparing for what comes next.
But as momentum builds, so does the complexity. The risk surface is widening, liability is becoming more diffuse, and operational resilience is being tested in new ways.
This isn’t just a technology upgrade. It’s a structural shift in how data moves, how trust is maintained, and how institutions protect themselves in a more connected environment. And across the sector — from credit unions to regional and national banks – leaders are naming risk, liability and reputation as the biggest sources of anxiety.
As data begins to flow more freely between financial institutions and third‑party providers, the attack surface expands with it. More APIs, more integrations, more sophisticated threats, and a reputational blast radius that doesn’t stop at organisational boundaries. In a connected ecosystem, one weak link becomes everyone’s problem.
Liability is the next major pressure point. As data travels, responsibility travels too – but not everyone agrees on where it lands. Institutions are increasingly uneasy about who is accountable when something goes wrong, how liability is shared across aggregators and fintech partners, and what happens when customers demand restitution. In a multi‑party ecosystem, liability isn’t theoretical; it’s inevitable.
And underlying all of this is reputation. Canadian institutions have earned global trust for their stability and prudence – but that trust erodes lightning fast when data is breached, misused or abused.
The opportunity is enormous, but so is the responsibility. The institutions that win won’t be the ones who avoid risk; they’ll be the ones who manage it with intent.
That’s where Invela is stepping in. At Open Banking Expo Canada 2026, delegates will see how modern Open Finance risk management delivers standardised assessment of third‑party providers, dynamic near real‑time risk monitoring, and an insurance‑backed warranty.
If you want to see what the next chapter of Open Finance risk management looks like, the conversation starts at the Invela booth (G2) at Open Banking Expo Canada on March 5.
Catch Jim Wadsworth, chief revenue officer at Invela, on the Main Stage at 11.05am in a Powerhouse Debate titled ‘Consumer-Driven Banking: Scaling trust and confidence, securing innovation and growth’. Click here to find out more about the agenda, speakers, and exhibitors – and register to attend.
