Open banking swings both ways for big banks on risks and opportunities: experts

Canada is slowly advancing toward the implementation of open banking, a system also referred to as consumer-driven banking. This financial framework allows both individuals and businesses to securely share their financial data with third-party providers.

While open banking was initially viewed strictly as a potential threat to major financial institutions, industry experts indicate that the shift actually presents a dual nature of both risks and opportunities for big banks as the country continues its rollout.