Day One : Tuesday, September 29, 2020
Registration and Continental Breakfast
- 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?
End of Day One
Day Two : Wednesday, September 30, 2020
Registration and Continental Breakfast
- Why do we need urgent action now?
- Can Canada become internationally competitive?
- How are opportunities created by ending digital serfdom and letting consumers control their data?
- Why does corporate culture determine our ability to prosper in a “Disrupt or be disrupted” world?
In Canada, your financial data is not legally yours. The de facto answer as to who owns the data is, however, increasingly, the consumer. The following questions emerge:
- How does data protection law define the nature and scope of a person’s interest in their personal information
- How GDRP and reform of PIPEDA would expand or enhance interests individuals have in their personal information
- The right to erasure
- How the right of data portability will enhance the ability to bring data together for analysis and provide new tools and services
- How open banking will enhance the interest that individuals have in their personal financial information
- What are the risks?
- How does a consumer authorize or de-authorize use of personal information
- How should consumers be educated to understand what they are consenting to
- Who should be educating the consumer?
- Should consent be standardized
- How narrowly should governments define open banking?
- Is Open Banking just one aspect of a broader open data policy?
- How is open banking re-shaping financial services?
- Will open banking drive innovation and revenue success?
- Where are the best opportunities?
- How can banks shift their focus to leverage open banking?
- Why the time to ensure all APIs are running smoothly is now
- How BBVA gained the competitive edge in the U.S.
- How are banks planning for the future?
- Learnings from initial pilots
- Will there be losses?
- Where are the opportunities?
- Will relationships between banks and fintechs be monetized?
- What do partnerships look like?
- What does collaboration look like?
- How does the Open Banking Relationship compare to partnering or collaborating?
- Mergers and acquisitions
- Process barriers
- Technical issues
- IT incompatibility: banks’ legacy systems and Fintechs’ IT systems
- What barriers stand in the way of success for Fintechs?
- Strategies for success
- Lessons learned to date
- Planning for the future
- Will new products proliferate?
- U.K. Regulations applying APIs across the 9 biggest financial institutions
- Privacy and information security
- Prescriptive versus principle-based approaches
- Impact to date
- Data portability as a new right under Europe’s General Data Protection Regulation (GDPR)
- Data security measures
- What can Canada learn from the U.K’s experience?
In an environment where data is more open, the risk of data exposure is likely to grow. There will be new categories of fraudsters and scammers masquerading as legitimate third-party providers; greater potential for identity theft; third parties that may not have sound operational risk management practices. In addition, in the event of a breach most consumers will direct complaints to the bank, even if the third party is at fault.
- Who’s liable in what circumstances?
- What will agreements between banks and third parties look like?
- What will be the conditions on access to banks’ APIs, including security and data protection?
- What are the high-level principles for governance of third-party service providers?
- Where there are no agreements will parties rely on civil liability frameworks?
- Where there are agreements between banks and third parties how will liability issues be addressed?
- Will a white list be created so consumers can better identify legitimate third parties?
- Will third parties accessing bank accounts be required to hold professional indemnity insurance?
- What are the major risks and issues relating to fraud or data exposure in other jurisdictions? What strategies have been used to address them?
- How do you better enable customers awareness and knowledge of how to deal with data exposure issues?
End of Day Two