A survey conducted by Deloitte reveals that the majority of Canadians are unfamiliar with the concept of open banking. However, despite their lack of knowledge, many Canadians are already sharing financial data with third parties and express a willingness to embrace open banking once they understand its consent-based nature.
Facts
- Only 18% of Canadians surveyed were familiar with the concept of open banking, with higher awareness (35%) observed among 18- to 34-year-olds.
- Merely 11% of respondents had heard of screen scraping, a technique often used to access bank data.
- The number of Canadians who have already shared or sent data from their primary financial institution to another (13%) exceeds the awareness of screen scraping.
- Only 35% of Canadians feel comfortable sharing their data online, but 45% indicated that they would feel comfortable using open banking to share their financial data online once the framework is implemented.
- When asked about the ownership of financial account information, 48% of respondents believe it belongs to them, while 27% think it belongs to their financial institution, and 25% were unsure.
- The most attractive benefits of open banking according to respondents are:
- 37% appreciate the ability to see a complete financial picture.
- 33% value the ability to track spending patterns.
- 32% desire suggestions on investment and savings opportunities.
- Among the 66% of respondents who see benefits in open banking, 52% are interested in accessing lower rates on loans and higher rates on savings, while 41% prioritize the ability to get the best product options based on their spending behavior.
- Deloitte suggests that raising awareness, tailoring features to consumer needs, targeting diverse users, and maintaining transparency regarding security measures are crucial for making the most of open banking in Canada.
