{"id":3726,"date":"2023-04-25T13:31:55","date_gmt":"2023-04-25T17:31:55","guid":{"rendered":"https:\/\/www.indigoconsulting.ca\/?p=3726"},"modified":"2024-01-31T18:17:55","modified_gmt":"2024-01-31T23:17:55","slug":"what-will-open-banking-in-canada-mean-for-banks","status":"publish","type":"post","link":"https:\/\/www.indigoconsulting.ca\/fr\/blog\/what-will-open-banking-in-canada-mean-for-banks\/","title":{"rendered":"Open banking in Canada: What does it mean for Canadian banks?"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"3726\" class=\"elementor elementor-3726\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7e09750b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7e09750b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-71a723fa\" data-id=\"71a723fa\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-62aad444 elementor-widget elementor-widget-text-editor\" data-id=\"62aad444\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignright wp-image-3727\" src=\"https:\/\/www.indigoconsulting.ca\/wp-content\/uploads\/2023\/04\/smiling-female-holding-bank-credit-card-smartphon-2022-10-05-23-31-12-utc-300x200.jpg\" alt=\"\" width=\"505\" height=\"337\" srcset=\"https:\/\/www.indigoconsulting.ca\/wp-content\/uploads\/2023\/04\/smiling-female-holding-bank-credit-card-smartphon-2022-10-05-23-31-12-utc-300x200.jpg 300w, https:\/\/www.indigoconsulting.ca\/wp-content\/uploads\/2023\/04\/smiling-female-holding-bank-credit-card-smartphon-2022-10-05-23-31-12-utc-1024x683.jpg 1024w, https:\/\/www.indigoconsulting.ca\/wp-content\/uploads\/2023\/04\/smiling-female-holding-bank-credit-card-smartphon-2022-10-05-23-31-12-utc-768x512.jpg 768w, https:\/\/www.indigoconsulting.ca\/wp-content\/uploads\/2023\/04\/smiling-female-holding-bank-credit-card-smartphon-2022-10-05-23-31-12-utc-370x247.jpg 370w, https:\/\/www.indigoconsulting.ca\/wp-content\/uploads\/2023\/04\/smiling-female-holding-bank-credit-card-smartphon-2022-10-05-23-31-12-utc-690x460.jpg 690w, https:\/\/www.indigoconsulting.ca\/wp-content\/uploads\/2023\/04\/smiling-female-holding-bank-credit-card-smartphon-2022-10-05-23-31-12-utc-1536x1024.jpg 1536w, https:\/\/www.indigoconsulting.ca\/wp-content\/uploads\/2023\/04\/smiling-female-holding-bank-credit-card-smartphon-2022-10-05-23-31-12-utc-2048x1365.jpg 2048w\" sizes=\"(max-width: 505px) 100vw, 505px\" \/><\/p><p><span style=\"font-weight: 400;\"><br \/>Open banking is all about using secure API to facilitate the sharing of <a href=\"https:\/\/www.indigoconsulting.ca\/fr\/expertise\/finance\/\">financial<\/a> information without requiring consumers to provide login credentials to third parties to use their services.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The United Kingdom has already implemented this transformative API, and now other countries are following suit.<\/span><\/p><p><span style=\"font-weight: 400;\">Financial institutions, legal experts, and fintech startups are all bracing for widespread deployment of the open banking API. As a result, analysts expect the open banking market to continue to grow, projecting the market to increase from US$19.14 billion in 2022 to $48.13 billion in 2026, an <\/span><a href=\"https:\/\/www.businesswire.com\/news\/home\/20220524005678\/en\/Global-Open-Banking-Market-Report-2022---Compound-Annual-Growth-of-25.9-with-Market-Set-to-Cross-48-Billion-by-2026---ResearchAndMarkets.com\"><span style=\"font-weight: 400;\">impressive CAGR of 25.9%<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-a66a29b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a66a29b\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-fe4ce5a\" data-id=\"fe4ce5a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8a5abfa elementor-widget elementor-widget-heading\" data-id=\"8a5abfa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is fintech?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8c423b6 elementor-widget elementor-widget-text-editor\" data-id=\"8c423b6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Fintech, or financial technology, is a term used to describe companies specializing in financial technology solutions. Popular fintech companies include QuickBooks, Square, Wealthsimple, and other similar financial service companies.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-6838c2c elementor-widget elementor-widget-text-editor\" data-id=\"6838c2c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.canada.ca\/en\/department-finance\/programs\/financial-sector-policy\/open-banking-implementation.html\"><span style=\"font-weight: 400;\">Canada is gearing up to implement open banking<\/span><\/a><span style=\"font-weight: 400;\"> by formalizing processes and releasing a comprehensive framework to regulate and secure the API. In addition, Canada\u2019s implementation includes an accreditation process to protect consumers and financial institutions.<\/span><\/p><p><span style=\"font-weight: 400;\">Open banking is expected to continue to be deployed throughout much of the world, with proponents advocating increased competition, transparency, and ease of use for consumers.<\/span><span style=\"font-weight: 400;\"><br \/><\/span><\/p><p><span style=\"font-weight: 400;\">But how will this new API impact banks and financial services? Keep reading to explore how we believe Canada&#8217;s upcoming open banking implementation will affect financial institutions.<br \/><br \/><\/span><\/p><h2><strong><span style=\"color: #003b59;\">What Exactly is Open Banking?<\/span><\/strong><\/h2><p><span style=\"font-weight: 400;\">Open banking is an application programming interface (API) that allows organizations to securely share customer data without requiring the customer to provide login credentials to a third party.<\/span><\/p><p><span style=\"font-weight: 400;\">Without open banking, a practice known as screen scraping is employed to obtain a consumer\u2019s banking information and provide it to a third party. However, screen scraping requires authentication information to be provided, stored, and frequently accessed.<\/span><\/p><p><span style=\"font-weight: 400;\">Screen scraping allows for introduces several risks that open banking attempts to solve, such as:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Malicious apps designed to steal login information<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Data breaches or other cyber attacks<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Malicious use from internal parties<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">So, open banking establishes a standard for sharing financial data between parties without requiring the consumer to provide credentials \u2014 instead, they simply authorize data sharing.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Consumers are better protected, and banks have clear responsibilities and liabilities for any issues that may arise, depending on the country and established framework.<br \/><br \/><\/span><\/p><h4><strong><span style=\"color: #003b59;\">What Data Will the Open Banking API Transfer?<\/span><\/strong><\/h4><p><span style=\"font-weight: 400;\">Banks and fintechs will now be able to securely share a wide range of data with each other without transmitting any login information. However, these financial institutions will still be transmitting sensitive data, including:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Account type<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Account balance<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Name on the account<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Date of opening the account<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Transactions and associated data<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Payment details<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">You can see that even though login credentials never have to be shared, there is still a significant need for security during transmission and ensuring only legitimate parties can access open banking.<\/span><\/p><p><a href=\"https:\/\/www.canada.ca\/en\/department-finance\/programs\/consultations\/2021\/final-report-advisory-committee-open-banking.html#a11.5\"><span style=\"font-weight: 400;\">Canada will have a formal accreditation<\/span><\/a><span style=\"font-weight: 400;\"> process before any party can use the open banking API. Additionally, technical specifications and standards to ensure security will be required, which may include:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">OAuth2<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">HTTPS<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">JWT<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">HMAC<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">XML sig<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">CORS<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">WS-I<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">The open banking API is designed to improve security but also invites new security risks that must be guarded against. The formal accreditation process and required technologies help minimize these risks.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">You may also notice that many of these technologies are also the foundation of strong Identity and Access Management (IAM), making <\/span><a href=\"https:\/\/www.indigoconsulting.ca\/fr\/1-getting-started-with-iam-how-to-approach-an-iam-initiative\/\"><span style=\"font-weight: 400;\">getting started with IAM<\/span><\/a><span style=\"font-weight: 400;\"> now a great way to prepare for open banking.<br \/><br \/><\/span><\/p><h4><strong><span style=\"color: #003b59;\">How Will Open Banking Work Once Implemented?<\/span><\/strong><\/h4><p><span style=\"font-weight: 400;\">Banks and fintechs will be ready to use open banking after Canada has formalized its regulations, framework, and processes. But how will it work, exactly?<\/span><\/p><p><span style=\"font-weight: 400;\">Let\u2019s take a quick look at the consumer perspective of this process:<\/span><\/p><ol><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A consumer finds an app for managing their finances<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">During setup, the app prompts the consumer to link their bank<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consumer authorizes the bank to share financial data with the app via open banking<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Financial data is now securely shared between the financial institution and the app<\/span><\/li><\/ol><p><span style=\"font-weight: 400;\">The consumer never needs to provide their bank login credentials; instead, they simply provide data sharing consent.<\/span><\/p><p><span style=\"font-weight: 400;\">How will it look for banks and fintechs? In most situations, the process will be entirely automated. Instead, accredited organizations will need to implement the right technologies and processes to accommodate open banking as described in Canada\u2019s upcoming framework.<\/span><\/p><p>\u00a0<\/p><h2><strong><span style=\"color: #003b59;\">How Will Open Banking Impact Banks &amp; Financial Institutions?<\/span><\/strong><\/h2><p><span style=\"font-weight: 400;\">Canada is currently finalizing its framework to regulate open banking, establishing standards, and accreditation processes. Once finalized, we\u2019ll be able to hone in on how it will affect banks and start seeing those effects take shape.<\/span><\/p><p><span style=\"font-weight: 400;\">For now, we can still speculate about how the full deployment of this API impacts the financial services sector. Let\u2019s explore a few ways we see open banking impacting banks:\u00a0<\/span><\/p><p>\u00a0<\/p><h4><span style=\"color: #003b59;\"><strong>Propel Innovation and Create Competition<\/strong><\/span><\/h4><p><span style=\"font-weight: 400;\">Open banking will make accessing bank data easier for fintechs and other financial services. This ease of access will allow existing companies to improve services and likely give birth to entirely new ways to use the readily available data. Banks themselves can also re-evaluate and improve their own value-added services.<\/span><\/p><p><span style=\"font-weight: 400;\">Consumers will appreciate simplified services and be able to trust new innovations that may improve their lives. In addition, since they don\u2019t need to provide any login information, it\u2019s easier and safer to try out a new service than with screen scraping.<\/span><\/p><p><span style=\"font-weight: 400;\">Ultimately, open banking means banks will need to put in more effort to retain and attract customers, as releasing the monopoly on bank information will spur innovation.<br \/><br \/><\/span><\/p><h4><span style=\"color: #003b59;\"><strong>Reduce Friction<\/strong><\/span><\/h4><p><span style=\"font-weight: 400;\">Data processing and transferring with existing methods frustrate consumers and businesses. On top of the trust required to provide a new application with login credentials, importing and processing data can often fail due to incorrect standards or formatting.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Open banking establishes standards for transferring financial data. As a result, banks will be able to allow external organizations to access and retrieve data, creating an improved experience for both users and financial institutions.<br \/><br \/><\/span><\/p><h4><strong><span style=\"color: #003b59;\">Clear Liability<\/span><\/strong><\/h4><p><span style=\"font-weight: 400;\">While not an inherent part of the technology, countries implementing open banking will likely establish liability for any data breaches or security issues that expose consumer data. Existing screen scraping methods often lack clear guidelines about which party is responsible for data breaches. It also may violate the terms and conditions laid out by the bank.<\/span><\/p><p><span style=\"font-weight: 400;\">As Canada and other countries enact open banking, clarifying responsibilities and penalties for these situations will significantly benefit banks and fintechs. Enterprises will be able to openly share information while being fully aware of liability should a breach occur.<\/span><\/p><p>\u00a0<\/p><h2><span style=\"color: #003b59;\"><strong>Are There Any Risks to Financial Institutions from Open Banking?<\/strong><\/span><\/h2><p><span style=\"font-weight: 400;\">Open banking may improve security by removing login credentials and establishing practices for data sharing. However, there are still some risks banks, and fintechs need to be aware of them when proceeding with open banking:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Potential for more damaging data breaches: <\/b><span style=\"font-weight: 400;\">Open banking will mean more parties will have sensitive information, which means a data breach can be incredibly damaging.\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Insider threats throughout the network: <\/b><span style=\"font-weight: 400;\">A malicious actor inside an accredited company may misuse their access levels to leak data outside the organization.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Malicious apps can be devastating: <\/b><span style=\"font-weight: 400;\">An app or website using the open banking API can phish customers, similar to screen scraping methods.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">Each of these risks can create significant issues for financial institutions. However, these potential issues are also why Canada and other countries are moving slowly and cautiously toward full implementation.<\/span><\/p><p><span style=\"font-weight: 400;\">Canada will accredit every organization before it can use the open banking API. Additionally, strong security practices will be reviewed and enforced.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">As discussed above, one significant benefit of open banking is establishing liability should one of these risks become a reality. This avoids the confusion and fines that can occur with screen scraping and instead clearly dictate the responsible party for the given scenario.<\/span><\/p><p>\u00a0<\/p><h2><strong><span style=\"color: #003b59;\">Deploy Leading-Edge IAM Now to Prepare for Open Banking<\/span><\/strong><\/h2><p><span style=\"font-weight: 400;\">Open banking is undoubtedly set to transform the entire financial services industry. As Canada progresses with finalizing its open banking framework, banks and fintechs can now prepare by upgrading Customer Identity and Access Management (CIAM) protocols.<\/span><\/p><p><span style=\"font-weight: 400;\">IAM is a series of technologies and processes that use leading-edge technologies to strengthen how you manage internal and external users. Enacting effective IAM policies now ensures you have the proper security to begin the upcoming open banking accreditation process.<\/span><\/p><p><span style=\"font-weight: 400;\">Yet, IAM isn\u2019t a single platform or technology you can easily buy and deploy. So it\u2019s well worth <\/span><a href=\"https:\/\/www.indigoconsulting.ca\/fr\/picking-the-right-partner-iam-partner-what-you-need-to-know\/\"><span style=\"font-weight: 400;\">choosing an experienced IAM partner<\/span><\/a><span style=\"font-weight: 400;\"> to help you upgrade how you manage accounts through your enterprise.<\/span><\/p><p><span style=\"font-weight: 400;\">Indigo Consulting is an industry leader in IAM, and we\u2019re ready to help you upgrade to the latest processes and technologies to manage and secure your users. Ready to discover how we can help? <\/span><a href=\"https:\/\/www.indigoconsulting.ca\/fr\/contact\/\"><span style=\"font-weight: 400;\">Contact us today<\/span><\/a><span style=\"font-weight: 400;\"> to speak to an IAM expert to learn more.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-898f9dc elementor-align-left elementor-invisible elementor-widget elementor-widget-button\" data-id=\"898f9dc\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_animation_delay&quot;:200}\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-size-sm\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Contact us today<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-896a845 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"896a845\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-dfb0f93\" data-id=\"dfb0f93\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-058600a elementor-widget elementor-widget-image\" data-id=\"058600a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.indigoconsulting.ca\/wp-content\/uploads\/2022\/09\/Indigo-E-Book-Thumbnail-2.png\" title=\"\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-351e8ec\" data-id=\"351e8ec\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e4b6f30 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"e4b6f30\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInRight&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Interested in learning more about Agile Development for IAM Solutions? Download our eBook today!<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b09e95d elementor-align-left elementor-invisible elementor-widget elementor-widget-button\" data-id=\"b09e95d\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInRight&quot;,&quot;_animation_delay&quot;:200}\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.indigoconsulting.ca\/fr\/ebook\/ebook-agile-development\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">DOWNLOAD EBOOK<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Open banking is all about using secure API to facilitate the sharing of financial information without requiring consumers to provide login credentials to third parties to use their services.\u00a0 The United Kingdom has already implemented this transformative API, and now other countries are following suit. Financial institutions, legal experts, and fintech startups are all bracing [&hellip;]<\/p>\n","protected":false},"author":21,"featured_media":3727,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[117],"tags":[],"class_list":["post-3726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.8 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Open Banking in Canada: What Does it Mean for Banks? | Indigo Insights<\/title>\n<meta name=\"description\" content=\"Open banking is nearing deployment in Canada, but how will the new API and related framework impact banks? 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