Canada FinTech and Open Banking Market Report 2023
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Since Canada first began exploring implementing an open banking framework in 2018, the journey has been a frustrating one filled with numerous delays and setbacks. While some of the benefits Canadians would gain from opting into open banking include broader accessibility to cheaper financial services, consumers at large are not even aware of what open banking is – with just 26% having heard of it. Of those that are aware of open banking, nearly 40% would opt into it – but only if they were convinced that their data would be secure.
Security is a key pillar of any banking relationship, so it is natural that it would be one of the biggest drivers to open banking adoption, but other financial technologies in general like biometric authentication. This technology in particular, which provides a more secure and efficient way of accessing digital banking solutions, has gained significant adoption over the years, with 56% of consumers citing either having used biometrics or are interested in doing so.
For others, there is still discomfort in adopting such fintech – particularly among older, nondigitally native consumers. As such, it is imperative that to take the time to properly address these pain points through providing actionable solutions – ensuring that no one is left behind as financial services become increasingly digitized.
The future of fintech holds immense potential, promising greater financial inclusion along with reshaping the way consumers engage with their finances.
Amr Hamdi, Finance Analyst
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