• What do we know about today’s financial services consumers?
• Are consumers clamouring for new services?
• How customer-centric is Canadian banking?
• The millennial outlook and expectations for future demand
• How can we encourage digital adoption?
• The value proposition in Canada compared to other countries
• Need for innovation in law, policy, and technology

Although Canada has some digital law and policy frameworks in place, they are dated, underdeveloped and insufficient for leading the charge on technological challenges — open banking included. This session will deal with the changes in the law required for open banking.  

• Data portability under Europe’s General Data Protection Regulation (GDPR)  
• What significant amendments must be made to the Personal Information Protection and Electronic Documents Act (PIPEDA)
• The Digital Charter
  

• The importance of collaboration in building an ecosystem approach to digital identity and securing the “lifecycle of credentials.”
• Addressing the growing demand for identity verification and authentication, as highlighted through SecureKey’s Verified.Me service.
• Strengthening relationships between organizations and their customers through enhanced trust, speed, convenience, control and consent.
• The need for strong security protocols to protect personal information from being identified, accessed or misused.
• Leveraging blockchain technology to securely and privately transfer personal information, in order to provide consumers with access to the services they want.

• Open Banking Implementation Entity
• Accreditation for third parties qualified to access and handle customer data
• What standards should be required of third parties?
• Developing consistent standards
• What will the impact be on inclusivity?

• Where does open banking fit in the broader context of data, privacy and competition in the digital economy?
• Will large banks that become banking platforms create more competition and level the playing field?
• Or, will banks ultimately give regulators and antitrust practitioners reason to worry about lack of competition?
• Will open banking render the banking sector more or less competitive that it is today?
• Are consumers realizing the full benefits of a competitive environment and new technology
• Will data portability and interoperability allow comparison shopping, account switching, access to new or improved applications?
• Impact of open banking on security and stability
• Views and expectations of regulators – Do they have the tools they need to ensure competition and manage security risks inherent to open banking

• Will regulatory winds shift?
• Encouraging verses requiring open banking
• The hunt for global interoperability and global standards in an unregulated industry
• Developing and implementing a financial industry standard for secure data sharing
• Empowering consumers by putting more control in their hands over when or how their personal or financial data is shared
• Consumer-permissioned data sharing

This session will provide a lens to better understand the drivers behind Open Banking, and how those drivers ultimately affect the solution architecture. We will cover the approach to Open Banking architecture across different regions and markets, and discuss the advantages and disadvantages of these strategies. As we drill-down on the technology, we will discuss how API gateways and microservices fit into a comprehensive architectural solution, and how the emergence of the service mesh provides a foundation for a future-ready, optimal Open Banking architecture.

• The rise of the API as the pipeline that powers Open Banking
• A comparison of Open Banking architecture approaches across markets and regions
• The role of API gateways and microservices in implementing an Open Banking architecture
• The emergence of the service mesh as a foundation for a future-ready, optimal architecture
• How the nature of architecture is changing, and why Open Banking will drive those changes.

Open Banking has seen implementations globally and Open Banking in Canada is heating up. Many stakeholders and stakeholder groups have formed and evolved their perspective on what it means to potentially bring Consumer-Directed Finance to Canada. But, how does this translate from one group to another? What is the State of the Union?