"Open banking trust won't arrive overnight, but experience builds confidence. As benefits become familiar, hesitation is likely to soften over time."
Radha Paleja, Senior Analyst, Financial Services
Canada has entered a pivotal phase in the development of open banking, moving from years of consultation into implementation. Digital banking is now firmly embedded in everyday financial behaviour, including among older Canadians, signalling that capability is no longer the primary barrier to adoption.
Instead, low awareness of open banking, combined with heightened sensitivity around data privacy and control, is leading to consumer hesitation. Consumers are most attracted to open banking features that offer tangible, everyday value, particularly tools that consolidate accounts, improve financial visibility and support better money management. However, comfort with sharing financial data remains mixed, especially among older generations and those seeking more information before deciding whether to engage.
At the same time, broader market forces, including population growth driven by immigration and the modernization of payments infrastructure, are increasing demand for portable, multi-account financial tools. As open banking becomes operational, success will depend on how effectively banks and fintechs translate regulatory change into simple, trust-building consumer experiences that emphasize control, transparency and real-world benefits.
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