Day One: Tuesday, April 9, 2024
10:00 EDT
10 minWelcome and Opening Remarks from the Chairs
10:10 EDT
40 minThe New Canadian Approach to Consumer Directed Finance
Kïrsten Fraser, Director of the Financial Services Innovation Team, Department of Finance Canada
- Consumer-driven banking, also known as open banking or consumer-directed finance, refers to frameworks that allow consumers and small businesses to securely transfer their financial data through an application programming interface (API) to approved service providers of their choice.
- It enables consumers to securely use data-driven financial services that can help them better manage their finances and improve their financial outcomes. For example, through consumer-driven banking, individuals can access services that allow them to build their credit by proving they have paid rent on time.
- The 2023 Fall Economic Statement (FES) included an announcement of the Government’s intent to introduce framework legislation through the 2024 Budget. The FES was accompanied by a Policy Statement that provided clarity on key framework elements. Together, the FES and the Policy Statement form the Government’s plan for the implementation of a consumer-driven banking system for Canadians.
10:50 EDT
40 minBreak-through Use Cases - The Art of the Possible
Jason Dodokin, Senior Director, Open Banking, Products, Symcor
- Streamlined onboarding or account opening, payments, new opportunities for banks to deliver tailored customer experiences, create new product categories, new revenue streams and capture a share of previously untapped spaces
- Why you can’t just focus on finding that ‘killer app” – some magical use case that is going to trigger value transfer en masse.
- The need to look at all possibilities with the only limit being your imagination
- New national and international use cases
11:30 EDT
40 minWhen and How Will Banks and Credit Unions See ROI? Monetization Strategies, Pricing Access to Data and More!
Yesterday’s banks and credit unions were not designed for today’s customers. Overcoming legacy thinking, operations and technology remains one of the biggest challenges banks and credit unions face in working toward positive customer experience. Digitization and open banking can be seen as an expense; in reality, it provides banks and credit unions with an opportunity for new revenue growth and increased membership and market share.
- How a platform-based approach opens the application programming interface (API) and gives third-party developers access to develop applications on bank and credit union systems
- Realistic expectations in combining bank-strong security and fintech agility
- Case studies from other jurisdictions of increased number of customers, market share, and ROI
- Monetization strategies to consider
12:10 EDT
40 minBreak
12:50 EDT
40 minPartnership Formation and Dynamics -- Case Study: Caspian One and Large Credit Union Coalition (LCUC)
Moderator Reuben Piryatinsky, CEO, Altitude Consulting
Lewis Poe, Chief Technology Officer, Caspian One
Patrick Barr, Director, Strategy & Programs, Large Credit Union Coalition (LCUC)
- Developing a customized version of an Open Banking platform that meets the unique needs of the credit union system
- System developed for a collective of 10 large credit unions including: Affinity, Cambrian, Coastal Community, First West, Gulf & Fraser, Libro, Meridian, Prospera, reflecting a diverse and geographically widespread presence across the country
- Other credit unions invited to join
- How was the partnership formed?
- What were the challenges?
- Contract issues
- Goals and expectations
13:30 EDT
40 minDesigning Data Rights for Canadian Open Banking: Lessons from Banking Law in Australia and the United Kingdom
14:10 EDT
40 minEstablishing an Ecosystem of Trustworthy Digital ID Solutions to Support Canada's Innovation Agenda
Joni Brennan, Digital Identification and Authentication Council of Canada
Digital Identification and Authentication will lay the foundation that will support Canadian Innovation, competitiveness and growth. Find out about;
- The comprehensive approach taken to build a digital ID ecosystem
- Collaboration and transparent development
- Ontario’s digital wallet
- Alberta’s ‘MyAlberta Digital ID’,
- Regulatory changes such as privacy reform and the Federal Digital Charter
- Role of Secure Key
- Unlocking the interoperability of public and private sector capabilities by establishing an identity trust assurance framework
14:50 EDT
40 minAccreditation Options: Allowing for a Wide Range of Entities and Consumer Protection
Moderator Natacha Boudrias, Senior Manager, Open Banking and Digital ID, National Bank of Canada
- Learning from other jurisdictions
- Working group recommendations and process
- What issues are still being debated?
- What are the challenges and proposed solutions?
- Will barriers to entry be low enough to allow participation by a wide range of entities while protecting consumers, end users and other participants
- Who will ensure criteria are met and maintained?
15:30 EDT
15 minBreak
15:45 EDT
45 minHow the Consumer Financial Protection Bureau’s (CFPB) is Paving the Way for Open Banking in the U.S.A
The Consumer Financial Protection Bureau’s (CFPB’s) proposed Personal Financial Data Rights rule is intended to boost competition in financial services, giving consumers more control over their financial data and allowing them to switch banks more easily to take advantage of favorable rates and services. In the U.S. data sharing will become mandatory for certain financial institutions at different times, depending on the size of the organization. What role will the CFPB play in the roll out of open banking?
Topics will include:
Topics will include:
- Establishing consistent industry standards for consumer data access and protection.
- Enhancing efficiency and fostering innovation by promoting data sharing and competition between FIs.
- How implementation will happen
- Requirements for financial institutions
- Providing personal financial data free of charge via secure digital interfaces
- Enabling customers to share their data with third parties, facilitating switching and account management
- Implementing robust data protection measures to prevent misuse and surveillance, shift away from risky data collection methods, and contribute to developing fair industry standards
- Impact on customers
16:00 EDT
45 minHow to Allay Customer Fears: Who is Liable for What?
Moderator Kevin Luh, Director in Financial Crime Practice, Deloitte Risk Advisory
Saba Shariff, SVP Chief Strategy, Product & Innovation Officer, Symcor
Alina Silvestrovici Paun, Managing Counsel, Enterprise Payments, TD Bank
Along with all the excellent opportunities for banks, fintechs and consumers, Open Banking brings new risks and liabilities. To participate in Open Banking, consumers want “full protection from any losses” “ability to revoke consent at any time”, “requirements to report data breaches exposing consumer data”, “Enforcement of standard security requirements for open banking participants, “ Strong governance and oversight, and a straightforward process for reimbursement of any resulting losses. How will you meet consumer expectations for safety and security?
- Who’s liable in what circumstances?
- Liability in other jurisdictions
- 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?
16:45 EDT
End of Day One
Day Two: Wednesday, April 10, 2024
10:00 EDT
10 minWelcome and Opening Remarks from the Chair
10:15 EDT
45 minOpportunities for Growth, Differentiation and Innovation for Banks, Credit Unions and Fintechs
Nick Schiavo, Director of Federal Affairs, Council of Canadian Innovators
Lori Weir, CEO, Co-Founder, Four Eyes Financial
Alex Vronces, Executive Director, Fintechs Canada
Robert Hayman, Head of Emerging Initiatives & Product Delivery, Central 1
- Where are the opportunities for success in Canada?
- The successes and challenges witnessed in the UK
- Alternative examples of fintech innovation in the US
- Opportunities for growth and differentiation in the Canadian system
11:00 EDT
45 minThoughts on the Role of The Competition Bureau in Open Banking
Overview of Competition Bureau support for an innovative opening banking system in Canada including competition law enforcement.
- Open banking approach by competition authorities outside of Canada.
- Canada’s recent strengthening of the Competition Act.
- Competition law’s implications for a new open banking regime, banking incumbents and Fintech businesses in Canada.
11:45 EDT
45 minHow To Prepare for the Regulatory Wave
After several years of discussion and deliberation, Canada is about to embark on its journey into regulated open banking. However, considerable uncertainty still remains, in particular for the banks who will likely be impacted the most. As open banking itself develops, so will the regulations, so understanding the broader context for this ongoing change is key. This presentation aims to summarize Canada’s current open banking trajectory in a manner that aids banks and other players in navigating the coming regulatory wave.
- How Did We Get Here?
- What to Expect from the Regulation?
- Who are the Key Players?
- What Areas Will Be Impacted?
- What Could Go Wrong?
- How Can a Bank Prepare?
- What’s On The Other side?
12:30 EDT
60 minBreak
13:30 EDT
45 minUnlocking the Power of Open Banking with AI
Jennifer Rodrigues, AVP, External Ecosystems. Digital Channel , TD Canada Trust
Open Banking and AI have the power to transform the way financial institutions operate including: Increased efficiency and cost savings, automation of processes: Improved customer experience, personalization of services; Enhanced security and fraud prevention; Predictive analytics and insights; Real-time monitoring and alerts; Better decision-making and risk management: You will learn:
- The benefits of Open Banking and AI for financial services
- How AI is revolutionizing Open Banking
- The role of machine learning in Open Banking
- Matching customers with the right experiences and products at the right time
- The future of Open Banking and AI in financial services
- What are the risks?
- Regulatory frameworks for AI and Open Banking
- Successful use cases that include customer profiling, KYC, fraud detection, smarter payments
14:15 EDT
45 minTechnological and Data Breakthroughs on the Way to Open Finance
Tanya Woods, Head of Government and Regulatory Affairs & Policy Counsel, Questrade Financial Group
Andrew Stockwell, Head of Data Science, Questrade Technology Group
This session dives into the realm of open finance, which offers a wealth of benefits across diverse financial verticals and services beyond basic banking services. Our expert panelists will speak to recent policy and technology advancements that are propelling open finance forward in Canada and beyond. Delving into the intricacies of data access and rights, infrastructure and transparency standards, the session will highlight the essential elements required for Canada to successfully implement open finance to best serve Canadians.
15:00 EDT
15 minBreak
15:15 EDT
30 minBrazilian Open Finance Model
Matheus Rauber, Senior advisor at the Financial System Regulation Department, Central Bank of Brazil
- Objectives
- Mandatory participants
- Other regulated matters
15:45 EDT
30 minUse Cases from Participating Organizations
- Streamlining access to personal financial information
- How Open Finance empowers individuals to make more informed financial decisions
- Exploration of efficient fund transfers between different financial institutions
- Leveraging open data for more accurate credit analysis
- From Open Banking to Open Finance: Innovative Use Cases for Insurance
16:15 EDT
End of Day Two