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ARTICLE · 04 JULY 2023

Canadians' Awareness Of Open Banking Is Low – But Does It Matter?

McMillan LLP
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The results are in: Canadians' understanding of open banking is low, according to the Financial Consumer Agency of Canada ("FCAC"). On June 1, 2023, the FCAC released the results...

CanadaFinance and Banking
Darcy Ammerman
Darcy Ammerman
Robbie Grant
Robbie Grant
Pat Forgione
Pat Forgione
Robert C. Piasentin
Robert C. Piasentin
Isabelle Guevara
Isabelle Guevara
Nicole Davidson (Summer Law Student)
Nicole Davidson (Summer Law Student)
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The results are in: Canadians' understanding of open banking is low, according to the Financial Consumer Agency of Canada ("FCAC"). On June 1, 2023, the FCAC released the results of its 2022 survey of Canadians' awareness and understanding of open banking and financial technology ("FinTech") services. The survey was conducted between May and June of 2022 as part of FCAC's mandate to evaluate trends and emerging issues in finance that impact consumers. The survey also fits into the Government of Canada's larger aim to introduce open banking to Canada in a way that benefits and protects consumers.

So What is Open Banking?

Open banking has been defined as a system designed to let consumers securely share their financial data from their bank with other banks and accredited FinTech companies. Consumers give permission to share their financial data with companies that offer financial apps and services. Companies can use the data to offer services (like advice or

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