Canada’s Consumer-Driven Banking framework must now move from design to delivery, Dan Broten, senior vice president and head of EQ Bank, told attendees at Open Banking Expo Canada on March 5.
In his presentation on the Main Stage, ‘Finishing takes leadership: Delivering Consumer-Driven Banking with urgency and confidence’, set out the next phase for the market, and observed a fundamental shift.
“The debate has shifted from whether Consumer-Driven Banking should exist, to how it must be designed to serve our unique national interests,” he said. “We are no longer simply discussing abstract policy concepts. We are engaged in the practical, detailed work of constructing a new piece of national economic infrastructure.”
He said the challenge for the ecosystem today is to “build a system that is fundamentally safer, more competitive, and more aligned with the interests of the Canadian consumer”.
Broten highlighted that progress will only be meaningful if it strengthens confidence in how financial data is shared and used, with clear rules around security, liability and accountability.
With legislation advancing, momentum is building across the ecosystem. However, he cautioned that progress to date must now translate into tangible outcomes.
“Every month of delay is a month where consumers remain exposed to the risks of the status quo and Canadian innovators struggle to compete on an even playing field,” Broten noted, pointing to ongoing challenges around data sharing practices and fraud.
“This is an economic imperative as much as a regulatory one. Other jurisdictions have moved in Open Banking, and their experiences offer invaluable lessons that we must integrate with disciplined speed,” he added.
In his session, Broten also highlighted the key components required for successful delivery. A strong trust framework, underpinned by consistent standards and clear liability structures, was identified as essential to adoption. At the same time, enabling competition through data mobility will be critical to ensuring that consumers benefit from improved products and services.
Digital identity was also identified as a key enabler by Broten.
“Consumer-Driven Banking, particularly when aligned with stronger digital identity, creates a possibility of more coherent system-wide defense,” he said.
While he acknowledged that progress has been slower than in some international markets, he said this provides an opportunity to learn from existing frameworks and design a system tailored to domestic needs. However, that advantage will only be realised if decision-making accelerates.
“This is the larger opportunity to build a unified, secure, and competitive-friendly ecosystem that is greater than the sum of its parts,” Broten said. “But it requires coordination between regulators, institutions, technology providers, and policymakers. The work must be genuinely collaborative, drawing on the expertise from across the ecosystem to ensure the design is practical, secure, and scalable.”
Remembering Andrew Moor
Broten began his presentation recalling how Andrew Moor, the president and chief executive officer of EQ Bank, who passed away suddenly in June 2025, prepared for his presentation at the Expo each year.
He referred to Moor as “one of the most thoughtful stewards” in Canadian banking.
“Andrew believed deeply that innovation and safety, or soundness, were not opposing forces. He believed that competition and stability could reinforce one another when properly structured. And he approached this important topic not as a short-term policy objective, but as a long-term responsibility,” Broten said.
“He saw the modernization of our financial infrastructure as a generational task, requiring vision, patience, and steadfast commitment to the public good. He understood something fundamental. In banking, progress only matters if it strengthens the consumer banking experience or their confidence in the system. This is a profound truth that should serve as our compass.”
Further reading: Winner of Andrew Moor Award unveiled at Powerlist 2026 ceremony
