Stephane Bousquet, leader, Open Banking and digital ID at National Bank of Canada, explains the three pieces required to complete Canada’s Open Banking puzzle and reconnecting with ecosystem participants at Open Banking Expo Canada on June 15.
1. Where do you expect “Made in Canada” Open Banking to be in September?
I expect government to kick-off implementation of Canada’s regulated system in close partnership with industry.
In parallel, the existing ecosystem will continue to move towards more reliable methods of data portability as FIs, in growing numbers, bring open capabilities to market.
2. What, in your opinion, is the most critical piece of the Open Banking puzzle?
At this stage, we need:
- alignment on how to best integrate small business data into the system, ideally via a staged approach;
- greater clarity on governance, namely on industry’s role in co-administering the system;
- put to rest the debate on technical standards – seeing as most ecosystem participants have already converged around one.
3. Who stands to benefit the most from the successful delivery of the roadmap?
Sorry to disappoint with an obvious answer: Everyone!
Obviously consumers, but also financial institutions and fintechs in equal measure.
4. What are you most excited for at Open Banking Expo Canada?
To reconnect with as many ecosystem participants as possible and partake in a healthy, robust debate on how to continue co-creating Canada’s Open Banking system.
Stephane Bousquet is taking part in a panel debate titled ‘Show me the money: Concrete strategies for commercializing Open Banking’ at Open Banking Expo Canada in Toronto. Click here to find out more about the session and register for tickets.