Several prominent Canadian fintech companies, including Wealthsimple, EQ Bank, and Wise, have launched the Choose More campaign to raise public awareness and advocate for government action on open banking and payments modernization in Canada. The campaign is supported by the industry group Fintechs Canada.
The Choose More campaign aims to educate Canadians about the advantages of open banking and real-time payments, emphasizing the potential cost savings and increased choice for consumers and businesses. The campaign’s website states, “Canadians deserve banking that lets you keep more of your money in your pocket. It’s time to demand that the government upgrade Canada’s financial system.”
Canada has been exploring the possibility of implementing open banking, following a three-year investigation into whether to enable third-party financial service providers to access individuals’ banking data. Progress toward creating an open banking framework has been slow, leading to frustration within the industry.
A Deloitte survey conducted in June found that only 18% of respondents were familiar with the concept of open banking, although awareness was higher among younger individuals, with 35% of 18- to 34-year-olds recognizing it. Additionally, 35% of Canadians surveyed felt comfortable sharing their data online, a figure that increased to 45% once the open banking framework was introduced.
The Choose More campaign seeks to address these issues by promoting the potential benefits of open banking, such as reduced fees and increased choice. It also highlights the need for modernizing the Canadian payments system, as Payments Canada has faced delays in its proposed Real-Time Rail (RTR) payments system, causing Canada to lag behind other countries in terms of payments innovation.
By FCCT Editorial Team
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