How confident are you that the government will achieve having a
fully implemented open banking framework by 2025? What do you think
are the biggest stumbling blocks to achieving this goal?
The last time the government said it was going to implement
consumer-driven banking by no later than January 2023, the way I
interpreted it was that they were going to give the Big Five carte
blanche to work together and stand something up. When you
considered all that had to be done, and how little had been done,
this was the most plausible interpretation. It's hard for me
to imagine how the government would have been able to accomplish
that timeline without looking to the industry.
We're in a different world now. As the federal
government's open banking lead, Abraham Tachjian did a lot of
work to put together a consumer-driven banking instruction manual,
which was delivered to the Minister of Finance. Most of the big
questions have been answered, but a few remain. For
