This session includes business leaders across various sectors to discuss important topics such as:

• What are the longstanding banking and payment challenges facing BIPOC Canadians, small businesses and rural/remote communities?
• How can Open Banking be helpful in addressing some of these hurdles?
• What are the public policy challenges that Canada faces in this domain, and why is it crucial to act?

As open banking advances in Canada, there are several key elements of an open banking model which needs to be considered to drive adoption and meet the needs of multiple constituencies. This panel explores some of these key considerations in further detail.

• What are key principles to consider when shaping data scope for open banking? What are some considerations when it comes to reciprocity?
• What are key principles to consider when developing a liability model?
• How can we think about providing and monitoring access to open banking while ensuring safetysoundness and innovation?
• What needs to be considered from a consumer protection and education perspective?

As the Open Bank Lead moves forward with the Industry in implementing Canada’s Open Banking framework, a number of areas are still left to be defined including the accreditation criteria as well as rules and standards. During this panel, hear from industry thought leaders on the need to have low barriers to entry to create an inclusive environment while protecting consumers, end users and other participants, and hear about use cases from first-to-market countries.

• Accreditation criteria except for federally regulated banks
• Accreditation process to be independent, transparent, coherent with other regulatory regimes
• Criteria intended to demonstrate ability to comply with the common rules on liability, privacy and security and financial capacity to ensure consumers are protected in the event of loss
• The need to keep barriers to entry low enough to allow participation by a wide range of entities while protecting consumers, end users and other participants.
• Recommendation for flexibility and tiered participation that is proportionate to the degree of risk to the system
• Technical expertise to develop technical specifications that support established public policy objectives
• Accessibility and inclusivity for all accredited system participants, safe and efficient transfer of data, the capability to evolve with technological change, and interoperability with international approaches.
• In the event that no adequate solution emerges, the Report suggests government intervention

With the pandemic, the need for digital, personalized and secure financial products and services became accelerated as consumers were asked to shelter at home. In the new normal and with the advent of Open Banking in Canada, there are a number of incredible opportunities for financial institutions and fintechs to partner and create innovative products and services for all Canadians. In this session, hear from industry leaders on how open banking is reshaping financial services, potential opportunities as well as innovative products and services that can be built in an open banking ecosystem.

• How is open banking re-shaping financial services?
• Will open banking drive innovation and revenue success?
• Where are the best opportunities?
• What opportunities are being missed without Open Banking in Canada?
• How can banks shift their focus to leverage open banking?
• How has Open Banking helped with the economic recovery from the pandemic in other countries?
• Some interesting examples of products and services built from Open Banking
• How are banks planning for the future?
• Learnings from initial pilots
• Will there be losses?
• 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
• Need for banking industry to continually seek consumer consent for data to be shared
• What’s different about Credit Unions?

The pandemic was a particularly difficult time for SMBs, with many searching for innovative, digital, and convenient solutions to help them navigate this disruptive time. During this session, hear from industry experts on the challenges facing SMBs, how best to service them, and opportunities for the new normal.

• Funding for fintech globally sky-rocketed over this past year:
  • The fintech sector is booming, with a record $91.5 billion in global funding so far this year
• The past quarter saw the birth of 42 fintech unicorns (startups valued at over $1 billion), bringing the year’s total to 200, according to CB Insights’ State of Venture Q3’21 Report.