Day One: Tuesday, April 20, 2021
10:00 EDT15 min
10:15 EDT45 min
Kashmera Self’s in depth interview of Senator Deacon will reveal the Senator’s insights and core beliefs relating to the future of Open Banking in Canada at this moment in time including:
- 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?
11:00 EDT30 min
- 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
11:30 EDT45 min
- 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
12:15 EDT45 min
13:00 EDT50 min
- 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
13:50 EDT50 min
- 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
14:40 EDT60 min
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 customer awareness and knowledge of how to deal with data exposure issues?
15:40 EDT50 min
Bill C-11, An Act to enact the Consumer Privacy Protection Act (“CPPA”) and the Personal Information and Data Protection Tribunal Act (also known as the Digital Charter Implementation Act), is Canada’s first attempt since the coming-into-force of the Personal Information Protection and Electronic Documents Act (“PIPEDA”) over 15 years ago, to modernize, strengthen, and clarify Canada’s approach to privacy law. This session will look at the merits and limitations of the proposed legislation. Does it go far enough in modernizing Canadian privacy law to make it appropriate for contemporary technology such as Open Banking?
End of Day One
Day Two: Wednesday, April 21, 2021
10:00 EDT15 min
10:15 EDT45 min
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?
11:00 EDT60 min
- 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
12:00 EDT60 min
13:00 EDT45 min
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?
13:45 EDT60 min
- 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
14:45 EDT15 min
15:00 EDT45 min
- U.K. Regulations applying APIs across the 9 biggest financial institutions
- Privacy and data/information security
- Prescriptive versus principle-based approaches
- Impact to date
- Data portability as a new right under Europe’s General Data Protection Regulation (GDPR)
- What can Canada learn from the U.K’s experience
- 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
15:45 EDT45 min
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
End of Day Two