Canadian organizations are “somewhat” or “moderately” prepared for Open Banking, with just under one-third in the piloting and testing stage of their Open Banking journey, according to research by Open Banking Expo Canada 2025, in partnership with Symcor.
However, the majority of respondents cited a lack of regulatory clarity (52.1%) as among their top concerns about implementing Open Banking.
The survey – which garnered 70 responses from individuals working at banks, fintechs, and financial institutions in Canada – found that 35.3% said their organization is at the “planning or preparing” stage of their Open Banking journey, while 29.4% are “piloting or testing”. Only 5.9% have fully implemented Open Banking.
Individuals cited myriad reasons for rolling out Open Banking, including remaining competitive (64.4%), improving the customer experience (57.6%), and unlocking new revenue streams (52.5%).
Symcor’s Saba Shariff
Saba Shariff, senior vice president and chief strategy, product and innovation officer at Symcor, said: “The findings reveal both promise and urgency. Organizations are clearly motivated – pilots are underway, fintech collaborations are forming, and customer experience remains a top priority. Yet ambition is outpacing readiness.”
When asked about their organization’s preparedness to comply with Canada’s evolving Open Banking regulations, 43.8% are “somewhat prepared” and 29.2% said they are “moderately prepared”.
“Now is the time to close that gap with bold decisive action. Canada has the ambition, the infrastructure and the collaborative spirit to lead. We just need to move with purpose,” added Shariff.
Adam Cox, co-founder and managing director of Open Banking Expo, said: “It is encouraging that organizations in Canada are firmly on their Open Banking journeys, and that they recognize the benefits of implementing consumer-driven banking.
“Many of the discussions at Open Banking Expo Canada 2025 on June 17, focused on maintaining momentum.
“At Open Banking Expo, we look forward to the day when 100% of respondents have fully implemented Open Banking and are readying for Open Finance.”
Download Symcor’s survey report to read the survey findings in full.
Further reading: Symcor’s Saba Shariff calls for bold execution to propel Canada’s Open Banking future
