In her Fall Economic Statement, the Deputy Prime Minister and Minister of Finance promised to implement a Consumer-driven Banking (Open Banking) framework in Canada in 2024. Once implemented, it will represent a crucial first step in enabling citizens to safely and securely harness the power of their data in our data-driven economy. It will also introduce more competition and innovation in our financial services sector. So when Consumer-driven Banking is implemented, what will this mean? Simply, it’s the first step in the process of enabling Canadians have control over their financial data and how it is used. They will be able to decide what data they share, and with whom, so that they can begin to benefit from the financial insights and services that are best aligned to their needs — lowering their costs and improving the quality of offerings. Based on the framework outlined, this will be a win for consumers, competition, innovators, regulators and our economy more broadly. Additionally, and equally importantly, Open Banking will be the first use case of the data mobility right included in Bill C-27: The Digital Charter Implementation Act. We need to keep prioritizing the swift progress of Bill C-27, with relevant amendments, to enable more protections for Canadians while creating a well-defined data-driven economy across all across sectors, not just banking. This is crucial, because, today, our data is being vacuumed out of our control, and too often out of the country, the moment we press “I Accept” on an app or in a customer agreement. The Minister’s commitment to implement Consumer-driven Banking will mobilize the important work led by Canada's Open Banking Lead, Abraham Tachjian, the tireless and exceptional work of Finance Canada officials, the dedication and effort of countless organizations and individuals who participated in the thorough several consultation processes, and the multitude of advocates and thought leaders who have helped to make this issue a political priority. This implementation promise is an important first step. I remain concerned that the governance structure creates a level and future-focused playing field that can seamlessly expand the use-cases from “Open Banking” to “Open Finance” — and, sooner than later, to more broadly include “Open Data” where citizens’ will have control over and the ability to benefit from, their data that is currently captured and held a multitude of providers in a wide breadth of sectors. There is much more to do, but it looks like we are now starting to travel down the road of progress. I hope that we can increasingly move with haste, and start to catch up to, and even pass, our global peers. #CompetitionMatters #Innovation #CostofLiving #DataRights #Fintechs #OpenBanking canada.ca/en/department-fina…