Open Banking is officially underway in Canada, but is the industry ready?

Carrie Forbes, founder and chief executive officer of Rockstar Advisory, challenged the industry to look beyond surface-level progress and confront the realities of Open Banking readiness at Open Banking Expo Canada 2026.

While many organisations are accelerating API strategies and exploring the use of AI, Forbes warned that a critical question is often being overlooked: Why?

Without a clear purpose, she argued, Open Banking initiatives risk being built on unstable foundations, leading to fragmented strategies, skills gaps and partnerships that struggle to deliver value.

“I think some key things that I would have on my checklist to get started: Do you know where your data is? Do you understand it? Do you know what its risks are? Do you know what you should keep? And do you know what you should get rid of?” she asked attendees during her presentation.

As institutions race to keep pace with market developments, there is increasing pressure to adopt new technologies quickly, sometimes at the expense of long-term sustainability.

Forbes also emphasised the importance of understanding where value will be created. Without this clarity, organisations risk building capabilities that are technically sound but commercially ineffective.

“In order for us to not just digitize a system, but to actually make it valuable, we need a couple of things. We need right access for the Open Banking framework, and that’s not really going to come until 2027. That’s going to allow us to do more than just comply, it’s going to allow us to actually create value,” she said. 

“And the other big piece is the Real-Time Rail. We need those two components in place, in addition to our architecture, to make something really cool happen. And that transition is going to take us a bit of time.”

A key message from the session was that Open Banking readiness extends far beyond technology. While APIs and infrastructure are essential, success will depend on aligning strategy, talent and partnerships around clearly defined outcomes.

Forbes explained: “When I talk about talent, I’m talking about who actually designs this new space.

“We often will start taking on new features and functions, but not thinking about do we have the skills, the capabilities, and the experience to make that happen?”

She added: “When you are building an ecosystem, it is not just a contractual relationship. In fact, it becomes a multi-vendor management exercise where everybody has to work together.”

As the Canadian ecosystem evolves, these early lessons are becoming increasingly important.

She concluded by saying: “This is not about being connected, it’s about building trust. And when you think about what a financial institution is in the business of, it’s trust. Trust to hold my funds, trust to hold my identity, and trust that I know what you’re going to do with my information.

“But we’re also a steward of that. So, when we connect, we have to make sure that we’re not violating that trust with our members, our customers, our partners – all of them players in this system.” 

Further reading: EQ Bank: Why Canada must design Consumer-Driven Banking to serve national interests