Delivering an Outstanding Open Banking Experience

Open Banking security considerations are clearly important. But so is delivering an outstanding customer, developer, and operations experience. What are the implications for Open Banking in Canada?

Open Banking promises Canadian consumers more choice, greater competition, in addition to a growing FinTech industry and the jobs they create. But to deliver on this promise Open Banking needs to share your financial data — accounts, balances, and transactions — with third parties.

Security is obviously critical. Gaps in how Canadian’s share financial data today — via “screen-scraping” — provide the primary impetus for the Government of Canada “Open Banking” recommendation.

But successfully delivering Open Banking also requires other questions to be addressed: How do we make it easy for customers to use Open Banking solutions and thereby encourage more rapid adoption? How will make it easy for developers to create Open Banking solutions giving customer choice and competition? And how do we make it easy to teams to operate Open Banking such that they provide the stability and reliability expected by Canadian consumers?

So, what does it take to deliver an outstanding Open Banking experience?

First, Canadians won’t adopt an Open Banking if it is not secure. But they also won’t adopt Open Banking unless it is intuitive and easy to use. Clearly, delivering an outstanding customer experience is crucial.

Second, developers won’t build compelling Open Banking applications on a platform that is too hard to use or is uses dated technologies. So, we also need to strive to deliver an outstanding developer experience.

And third, banks and FinTechs can’t deliver the expected stability and resilience on a platform that is not operable and observable, so we need impose transparent and consistent regulatory regime that…

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