Q&A: Steve Boms on why governance is ‘essential’ for ‘Made in Canada’ Open Banking

Ellie Duncan,
27 Apr 2023

Steve Boms, founder and president of Allon Advocacy, explains why governance is the “essential building block” of Canada’s Open Banking framework, and why he’s excited for Open Banking Expo Canada this year.

1. Where do you expect “Made in Canada” Open Banking to be in September? 

My hope is that Canada’s Open Banking journey will have begun implementation by September. At a minimum, though, I’d expect the market will have a clear signal from government on third-party accreditation standards, technology, and how the system will be governed.

2. What, in your opinion, is the most critical piece of the Open Banking puzzle? 

Steve Boms

Steve Boms, founder and president of Allon Advocacy

Governance of the system is the essential building block of Canada’s Open Banking framework. A strong, neutral governance entity with clearly defined responsibilities will assure not only that Canada’s Open Banking regime launches successfully, but that it can evolve into an Open Finance framework over time.

3. Who stands to benefit the most from the successful delivery of the roadmap? 

Canadian consumers and SMEs. Open Finance in Canada will, ultimately, deliver more competition, improved financial services, products and tools, and a more innovative marketplace through which end users can better manage their financial wellbeing.

4. What are you most excited for at Open Banking Expo Canada?

2023 is the year that I hope we start implementing Canada’s Open Banking system. I’m excited to see so many of the individuals who have spent the last several years contributing to this process, as the vision in Budget 2018 finally begins to become a reality.

Steve Boms is moderating a Fireside Chat at Open Banking Expo Canada on June 15, with Andrew Graham, co-founder and chief executive officer of Borrowell, and Nezihe Aquino, SVP, enterprise risk and chief risk officer at Vancity – find out more about the agenda here.