Saba Shariff, head of new product development and corporate strategy at Symcor, reveals why trust is so critical to Open Banking in Canada, and why consumers should be the main beneficiaries.
1. Where do you expect “Made in Canada” Open Banking to be in September?
I hope to see continued progress by both industry and government in September.
2. What, in your opinion, is the most critical piece of the Open Banking puzzle?
Trust – without trust, we’re no better than we are today with screen scraping.
Trust comes from several factors: a common and transparent accreditation process; a fair liability and disputes framework, the use of secure and standardized APIs and a consent journey that leverages the principles of ‘privacy by design’ at its core.
3. Who stands to benefit the most from the successful delivery of the roadmap?
Ideally, it should be consumers – after all, providing more secure and innovative financial services is one of the key goals and drivers for Open Banking.
Done right, Open Banking in Canada should consider an implementation that makes sense for our unique needs. It should learn lessons from others, while taking a thoughtful approach that truly leverages the best of policy and industry efforts.
4. What are you most excited for at Open Banking Expo Canada?
Seeing old industry friends and making new ones – in Canada, we’re really trying to make our implementation one that’s based on wide participant input and collaboration.
I’m excited about the energy, passion and insights that the Open Banking Expo participants will bring and share at the event.
Saba Shariff is speaking at Open Banking Expo Canada in Toronto on June 15 2023, taking part in the Powerhouse Panel Debate about Canada’s Open Banking revolution. Find out more about the agenda and how to get your tickets here.