We are beyond thrilled that the Government of Canada is planning to implement legislation around consumer-driven banking by 2025 because Canadians will finally be at the centre of their financial ecosystem.
To date, banks have controlled the financial data of their customers, requiring customers to share login details with other financial service providers, posing inherent security risks. Finally Canadians, not the banks, will have a say on what happens with their financial data and how.
What are the benefits? First of all, consumer-driven banking is expected to drive innovation within the financial services sector. Examples include personalized financial products, easier access to credit, real-time payments, and the prospect of a super app managing diverse financial products from various providers.
Secondly, consumer-driven banking will increase competition among financial service providers. With more options available and fintechs challenging the dominance of the big banks, fintech services will get cheaper, and we expect bank fees to take a dip, too. This is great news for Canadians.
At Shakepay, we are excited for what is to come in 2025, and look forward to continuing our work with the Government of Canada to welcome in a new era of banking in Canada.
https://lnkd.in/gpG_9wFc
Financial Risk Management Consulting - Independent Contractor, under contract to KPMG LLP at KPMG Canada
4 moisKeep the great momentum.