As Canada moves from policy to implementation in Consumer-Driven Banking, one theme is becoming increasingly clear: Open Banking will not scale through technology alone.<\/p>\n
At Open Banking Expo Canada on March 5 in Toronto, leaders from TD Bank, Yodlee and Symcor explored how partnerships, not platforms, will determine whether the ecosystem delivers real value to Canadians.<\/p>\n
The discussion, moderated by\u00a0Joyce Wong,\u00a0vice president, product,\u00a0payments and Open Banking at Symcor,\u00a0opened\u00a0with a simple observation. Large-scale financial initiatives have never been delivered in isolation, and Open Banking will be no different.<\/p>\n
\u201cWe\u2019re\u00a0going to put the lens on partnerships and the value of partnerships,\u201d she told attendees. \u201cNot only in bringing Open Banking ecosystems into life, but how do you scale that effectively and efficiently and safely within the guardrails that\u00a0we\u2019re\u00a0going to be putting in place?\u201d<\/p>\n
There are reasons for optimism.\u00a0Brian Buan, head of go to market at Yodlee,\u00a0pointed to strong existing demand, noting that millions of Canadians are already aggregating their financial data to improve their financial lives. Combined with recent legislative progress and the establishment of a regulatory framework, this creates favourable conditions for adoption.<\/p>\n
However, momentum\u00a0remains\u00a0fragile. Buan cautioned: \u201cI do\u00a0truly believe\u00a0that perfection can be the enemy of progress.\u00a0So,\u00a0we have a narrow window to try and keep this momentum, retain it, and create these experiences that Canadians will truly value and embrace.\u201d<\/p>\n
This balance between speed and certainty was echoed across the panel.<\/p>\n
Maureen Di Sebastiano, vice president, Open Banking at TD Bank Group, said: \u201cThere\u2019s some advantage to being first mover, but sometimes when you\u2019re not the first mover, you get a chance to learn from what others have done and what works and what doesn\u2019t work.<\/p>\n
\u201cSo,\u00a0it\u2019s\u00a0encouraging to hear that we are preparing ourselves to take what works in other\u00a0jurisdictions, but also to see if we can avoid what was the problem in others that\u00a0didn\u2019t\u00a0result in\u00a0optimal\u00a0adoption.\u00a0I\u2019m\u00a0also encouraged by the cooperation and collaboration\u00a0that\u2019s\u00a0happening in the industry.\u201d<\/p>\n
At the same time, she emphasised that institutions are not waiting for full regulatory clarity. Drawing on experience in the US, where Open Banking has developed in a more market-driven way, she noted that many of the core principles around data protection, customer experience and security are already embedded within banking operations.<\/p>\n
\u201cJust building your API is not enough,\u201d she said, pointing to the operational realities of partnerships.<\/p>\n
This operational complexity was a recurring theme. Partnerships in Open Banking extend beyond contracts, requiring ongoing coordination across institutions,\u00a0intermediaries\u00a0and technology providers. Without clear frameworks for issues such as incident management and customer communication, even well-designed systems can create friction.<\/p>\n
Global experience offers valuable lessons<\/p>\n
Buan highlighted that successful markets have focused on establishing bilateral agreements early, rather than waiting for regulation to be finalised. He also pointed to the importance of shared liability models and clear consent management processes in building trust and enabling scale.<\/p>\n
At the same time, the panel noted that Canada\u2019s market structure may work to its advantage. With a more concentrated financial sector than\u00a0jurisdictions\u00a0such as the US, there is less risk of fragmentation, provided participants\u00a0remain\u00a0aligned on standards and\u00a0objectives.<\/p>\n
\u201cI think we should certainly look to celebrate the fact that Canadians trust their financial institutions so much,\u201d said\u00a0Saba Shariff, senior vice president, chief strategy,\u00a0product\u00a0and innovation officer at Symcor.<\/p>\n
She emphasised that collaboration is already embedded in the Canadian ecosystem.\u00a0<\/p>\n
Shariff\u00a0also highlighted the risks of treating Open Banking purely as a compliance exercise. While regulatory requirements are a starting point, focusing solely on compliance risks diverting resources away from innovation and customer value.<\/p>\n
She\u00a0encouraged\u00a0organisations to\u00a0leverage\u00a0existing\u00a0expertise\u00a0and infrastructure,\u00a0rather than\u00a0attempting\u00a0to build everything internally.<\/p>\n
\u201cThat is not something you want to do on your own,\u201d she said. \u201cPick\u00a0people\u00a0you trust and do it with them. And then set yourselves up appropriately, as you would in any partnering, buying decision or building decision.\u201d<\/p>\n
Key use cases<\/p>\n
Use cases were also a key focus of the discussion. Panellists agreed that personal\u00a0financial management\u00a0and financial wellness are likely to act as entry points for adoption, enabling consumers to view and manage their financial lives more effectively.\u00a0<\/p>\n
Access to credit was identified as another major opportunity, particularly through the use of cash flow data to improve underwriting and expand access to lending.<\/p>\n
Payments, including emerging models such as variable recurring payments, were also highlighted as areas where Open Banking could deliver tangible benefits.<\/p>\n
However, the success of these use cases will depend on execution. Without clear and intuitive customer experiences, adoption may be limited, regardless of the underlying capability.<\/p>\n
Looking ahead, the panel stressed that partnership decisions made now will have long-term implications. Organisations must define their strategic priorities,\u00a0determine\u00a0where to build versus partner, and ensure alignment on incentives and outcomes.<\/p>\n
Incentives, in particular, were\u00a0identified as critical to sustainability. Without balanced value distribution across the ecosystem, progress may slow as participants become reluctant to engage.<\/p>\n
Ultimately, the discussion reinforced that Open Banking is not just a technology programme, but a coordinated industry effort.<\/p>\n