Day One: Tuesday, April 5, 2022
10:00 EDT15 min
Welcome and Opening Remarks from the Chair
10:15 EDT45 min
Toward the Finish Line: Canadian Open Banking -- Vision Becomes Reality Speaker: Open Banking Lead
At long last the final report is out and Open Banking or Consumer Directed Finance is slated to become a reality in less than 18 months. What to expect:
- The report
- Expected action in the coming months
- Expected consumer benefits
- Impact on consumers and the economy
- Impact of Open Banking on Covid recovery
11:00 EDT60 min
- Stakeholders are expected to convene under lead individual to advance key foundational elements including: common rules, accreditation framework, technical specification, system implementation
- Appointment of formal government entity for ongoing administration and transition
- New legislation and/or regulation
12:00 EDT60 min
13:00 EDT45 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. Dealing with risks in any business is a given so how do we ensure the appropriate mechanisms are in place for success in Open Banking..
- 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?
- Who’s liable in what circumstances?
- 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?
13:45 EDT45 min
Accreditation, Tech Specs and Standards: Experience in the U.K, Australia & More
Other jurisdictions have gone forward with government mandates. How will development of Open Banking and Accreditation go forward in Canada in the absence of a government framework?
- Modern Security / Identity and Access Management standards enabling client identity focused applications
- Ensuring “just enough security”, “just in time” maximizing user experience and customer conversion ratios
- Creation of the Trust Services, Framework, Directory and Identity infrastructure that underpins the UK’s Competition and Markets Authority Open Banking Programme.
- Need for an accreditation process to be independent, transparent, coherent with other regulatory regimes
- Accreditation 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.
- Will there be a need for government intervention?
14:30 EDT15 min
14:45 EDT45 min
Banks will benefit, because even in the most open models it is banks who still act as the gatekeepers, deciding which third parties have access to consumer data, and what they need to do to access it.
- 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?
- 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
- Need for banking industry to continually seek consumer consent for data to be shared
- What’s different about Credit Unions?
15:30 EDT45 min
Data Ownership, Consumer Data and Privacy Rights
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?
End of Day One
Day Two: Wednesday, April 6, 2022
10:00 EDT15 min
Welcome and Opening Remarks from the Chair
10:15 EDT45 min
Learning from Open Banking Journeys in the U.K and Australia
- What has been successful or unsuccessful with respect to consumer awareness and onboarding
- What model of governance has been most successful
- What banks need to do to ensure consent
- Importance of ID verification
11:00 EDT45 min
Innovation for the Consumer: Consent Management and Digital ID
- Consumer need to know what data has, can or will be shared?
- Who has consumer data?
- How is the data being used?
- Need for a standardized process for providing and revoking consent
- The importance of collaboration in building an ecosystem approach to digital identity and securing the “lifecycle of credentials.”
- Addressing the growing demand for authentication and authorization
- 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.
11:45 EDT45 min
How Do We Make Sure Everyone Can Take Advantage of Open Banking?
12:30 EDT45 min
13:15 EDT45 min
14:00 EDT45 min
Focus on Fintech, Service SMBs
The story of Fintech success is just beginning. With banks making data available via APIs, data availability and not capital will drive fintech success.
- What is the potential Impact of Open Banking on SMB’s?
- Will competition between Banks and Fintechs to provide solutions for SMB redefine the SMB market landscape?
- Will Open Banking mean better credit decisions by suppliers
14:45 EDT15 min
15:00 EDT45 min
Privacy – Policies, Practices and Procedures to Protect Personal Information Data Security --- Managing Operational and Systemic Risks and Data Security
15:45 EDT45 min
Wrap Up and Take-Aways
End of Day Two