Carrie Forbes, founder and chief executive officer of Rockstar Advisory, challenged the industry to look beyond surface-level progress and confront the realities of Open Banking readiness at Open Banking Expo Canada 2026.<\/p>\n
While many organisations are accelerating API strategies and exploring the use of AI, Forbes warned that a critical question is often being overlooked: Why?<\/p>\n
Without a clear purpose, she argued, Open Banking initiatives risk being built on unstable foundations, leading to fragmented strategies, skills gaps and partnerships that struggle to deliver value.<\/p>\n
\u201cI think some key things that I would have on my checklist to get started: Do you know where your data is? Do you understand it? Do you know what its risks are? Do you know what you should keep? And do you know what you should get rid of?\u201d she asked attendees during her presentation.<\/p>\n
As institutions race to keep pace with market developments, there is increasing pressure to adopt\u00a0new technologies\u00a0quickly, sometimes at the expense of long-term sustainability.<\/p>\n
Forbes also emphasised the importance of understanding where value will be created. Without this clarity, organisations risk building capabilities that are technically sound but commercially ineffective.<\/p>\n
\u201cIn order for us to not just digitize a system, but to actually make it valuable, we need a couple of things. We need right access for the Open Banking framework, and that\u2019s not really going to come until 2027. That\u2019s going to allow us to do more than just comply, it\u2019s going to allow us to actually create value,\u201d she said.\u00a0<\/p>\n
\u201cAnd the other big piece is the Real-Time Rail. We need those two components in place, in addition to our architecture, to make something really cool happen. And that transition is going to take us a bit of time.\u201d<\/p>\n
A key message from the session was that Open Banking readiness extends far beyond technology. While APIs and infrastructure are essential, success will depend on aligning strategy,\u00a0talent\u00a0and partnerships around clearly defined outcomes.<\/p>\n
Forbes explained: \u201cWhen I talk about talent,\u00a0I\u2019m\u00a0talking about who\u00a0actually designs\u00a0this new space.<\/p>\n
\u201cWe often will start taking on new features and functions, but not thinking about do we have the skills, the capabilities, and the experience to make that happen?\u201d<\/p>\n
She added: \u201cWhen you are building an ecosystem, it is not just a contractual relationship. In fact, it becomes a multi-vendor management exercise where everybody\u00a0has to\u00a0work together.\u201d<\/p>\n
As the Canadian ecosystem evolves, these early lessons are becoming increasingly important.<\/p>\n
She concluded by saying: \u201cThis is not about being connected, it\u2019s about building trust. And when you think about what a financial institution is in the business of, it\u2019s trust. Trust to hold my funds, trust to hold my identity, and trust that I know what you\u2019re going to do with my information.<\/p>\n
\u201cBut\u00a0we\u2019re\u00a0also a steward of that.\u00a0So,\u00a0when we connect, we\u00a0have to\u00a0make sure that\u00a0we\u2019re\u00a0not violating that trust with our members, our customers, our partners \u2013 all of them players in this system.\u201d\u00a0<\/p>\n