Canada’s Open Banking journey is moving into a new phase, as attention shifts from policy design to commercial reality, as discussed by senior leaders from CIBC, JP Morgan Chase, Plaid, Beem Credit Union and Inverite at Open Banking Expo Canada 2026.
They joined moderator Eyal Sivan, general manager, North America at Ozone API, on the Main Stage for a Powerhouse Debate to explore where value will be created in a consumer-driven data ecosystem, and who stands to benefit as implementation progresses.
While early discussions around Open Banking focused on access to data and infrastructure, the conversation has now evolved. The key question facing the industry is no longer how data is shared, but how it is monetised.
“The question of how to commercialize Open Banking has become a very hot topic lately,” said Sivan. “But the answer is, of course, different based on what role you’re playing in the ecosystem.”
Panellists agreed that access alone does not create value. Instead, organisations will need to translate permissioned data into improved products, more efficient operations, and better customer outcomes.
Karim Nanji, chief executive officer of Inverite, says he views it as four layers, with user experience at the front.
“That’s where the consent and the trust is initiated with the consumer. The access to the data and the portability, the connectivity of the data is number two. And then we move into data orchestration. What are people doing with the data?… How do we make it usable? And then the final layer is the decision layer. How are we making this into decision intelligence or operational intelligence?” he explained.
“This is really anchored on what’s best for the consumer,” added Ashley Woodroffe, head of GTM Canada and West US, banks at Plaid.
“So, as we think about each of our individual roles, they’re equally important, but I think all of us working as an ecosystem together to anchor towards what’s important for the customer is really what’s going to drive a lot of this conversation.”
Identifying pain points
One emerging model centres on using data to enhance the economics of existing services. In this model, data is not sold directly, but used to strengthen core business performance.
“The way to look at monetization is, what are the customer pain points?” said Shruti Awasthi, director, Open Banking strategy at CIBC.
“For us at CIBC, we wake up obsessing about the client and the client needs, and where we can create meaningful value. Because then that creates trust, trust creates adoption, and adoption will eventually lead to sustainable revenue and margins.”
At the infrastructure level, panellists pointed to significant opportunities for platforms that enable connectivity and data orchestration. As the ecosystem expands, demand for reliable, scalable infrastructure is expected to grow, creating a competitive advantage for those able to establish early positions.
Despite these opportunities, speakers cautioned against assuming that Open Banking will automatically disrupt incumbents. Established financial institutions continue to benefit from scale, customer trust and distribution, while fintechs bring speed, innovation and user-centric design. The likely outcome is a more collaborative and interconnected market, rather than a simple shift in market share.
Alain DeSouza, vice president, product and GTM at JP Morgan Chase, used the expression “a rising tide lifts all boats” in relation to Open Banking.
“Through that, Canada’s going to become more competitive. As a Canadian – someone who has lived here all his life – it’s time for us to have that kind of capability as a country. Over the past 18 months, we’ve had very interesting times. And as an industry, as a country, we have to do better. I hope that Open Banking is one big part of that.”
Real-time payments and Open Banking
The discussion also highlighted the importance of integrating data with payments capabilities.
While access to data enables insight, real-time payment rails and payment initiation are required to translate that insight into action. Without this convergence, Open Banking risks delivering analysis without meaningful impact.
Sivan told attendees: “In many regions, Open Banking didn’t really start to demonstrate commercial value until payments was added. Whether you call it right access, payment initiation, it turns out to actually make money, you need to move money.”
Trust emerged as a central theme throughout the session. Beyond regulatory compliance, panellists stressed that sustained adoption will depend on transparent data usage, clear consent mechanisms and consistent customer experiences. Without this foundation, consumer engagement may be limited, undermining the commercial viability of the ecosystem.
Ultimately, there was broad agreement that no single player will capture the full value of data portability. Success will depend on the ability to combine data, payments and customer experience into coherent, scalable propositions.
According to Oscar Roque, chief product and innovation officer at Beem Credit Union: “It’s actually the organization that is thinking differently and innovating differently that will be the one that can truly win in this space, enabled by data, enabled by access, authentication, all of those things. And that’s where I think the true value will lie.”
Further reading: The ‘velocity of value’: Why Open Banking and RTR must work together in Canada
