Canada’s move toward Consumer-Driven Banking represents more than a technology shift – it is an opportunity to strengthen competition across the financial sector.
Speaking during the Closing Keynote at Open Banking Expo Canada 2026, Jeanne Pratt, Acting Commissioner of Competition at the Competition Bureau of Canada, outlined why the Competition Bureau sees Open Banking and data portability as key tools for improving affordability and choice for Canadians.
For the Bureau, competition is central to achieving better outcomes for consumers.
“Because if affordability for Canadians is the destination, then competition – real, dynamic, innovation-driven competition – is the vehicle that gets us there. And that is especially true in the financial sector,” Pratt told attendees.
Tackling concentration in financial services
Canada’s banking system is widely recognised for its stability, but Pratt noted that stability should not come at the cost of innovation or competition and that “we must not confuse stability with stasis”.
“Over time, the same structures that helped protect us during crises have also served to reinforce market concentration and barriers to innovative products and services,” she added.
Today, the country’s five largest banks dominate much of the sector, while switching between financial providers remains relatively uncommon. According to a 2024 Abacus Data poll, two-thirds of Canadians said they had no intention of switching financial providers in the next two years.
Open Banking, Pratt argued, has the potential to change that dynamic by lowering barriers for new entrants and making it easier for consumers to compare and switch services.
Data portability as a catalyst for competition
The Competition Bureau has long advocated for data portability across sectors, including financial services.
Recent research from the Bureau highlights the potential impact. A study using the insurance sector as a case study found that introducing data portability could save Canadians between $1.1 billion and $3.8 billion annually through better pricing and easier comparison of services.
However, Pratt emphasised that these benefits will only materialise if the framework is implemented effectively.
Strong privacy protections, clear consent rules, high interoperability and reasonable compliance costs will all be essential to ensure both consumer trust and industry participation.
“Taken together, these factors should form the basis of a future Canadian data portability framework. It is important that we get this right if consumers are to realize the potential benefits of greater choice, lower prices and more innovation,” Pratt explained.
Learning from global Open Banking leaders
Canada may be entering Open Banking later than some jurisdictions, but Pratt said this also presents an advantage.
Countries such as the UK and EU have already demonstrated the impact of data portability frameworks, with the UK now reporting more than 12 million active Open Banking users and hundreds of regulated participants, Pratt said.
“Rather than simply following in the footsteps of others, we have the advantage of learning from the successes and challenges faced by early adopters,” she told attendees.
“By drawing these lessons, and avoiding the pitfalls experienced elsewhere, we can design a made-in-Canada data portability framework that not only catches up, but leapfrogs ahead. There is potential to set a new global benchmark for competition and innovation.”
A call for industry collaboration
While policymakers and regulators play a key role in shaping the framework, Pratt emphasised that industry participation will ultimately determine its success.
The Competition Bureau’s own research suggests Canadians are significantly more likely to participate when they understand how sharing their data can save them time and money.
According to the findings, Canadians who understand how data portability works and how it could benefit them are 37% more likely to adopt it, while those who see it as very risky are 65% less likely to use it.
“To overcome this, industry will have to step up by designing user-friendly consent tools, investing in cybersecurity, and communicating clearly with consumers,” Pratt said.
“The core of this is that, if consumers don’t feel confident sharing their data, adoption of data portability will be limited – and the competition benefits will be left unrealized.”
A pivotal moment for Canada
For the Competition Bureau, Open Banking represents an opportunity to unlock new innovation, empower consumers and strengthen competition across the market.
“That’s why we will continue advocating for competition and Open Banking in the sector. And we will also continue our work to be at the forefront of understanding emerging issues – such as stablecoins and AI agents – and their impact on competition in financial services,” she said.
“The world isn’t waiting to adopt Open Banking and data portability,” Pratt concluded. “And neither can we.”
Further reading: Canada’s ‘build year’: Turning the Open Banking mandate into momentum
