Standing Senate Committee on Banking, Commerce and the Economy (BANC) (May 30, 2014)
ISSUE: FCAC’s research into consumer-driven (open) banking
On FCAC’s open banking public opinion research (POR)
- FCAC’s policy and research functions have already made important contributions to the development of the Consumer-Driven Banking Framework.
- For example, as part of its mandate FCAC monitors and evaluates trends and emerging issues that affect financial consumers, including open banking.
- In June 2023 FCAC conducted public opinion research into Canadians’ awareness of and expectations for open banking.
- This public opinion research shows that Canadians’ knowledge and understanding of open banking is low.
- The research also shows that that strong and consistent consumer protections and consumer education would make consumers more likely to use open banking.
- Key findings from our public opinion research on open banking:
- Finding 1: Canadians assume that the protections are the same when using a fintech or a bank app. Only 18% of respondents knew that protections are different when using services offered by fintechs versus banks.
- Finding 2: Most Canadians (over 80%) would not use, or would stop using, fintech product and services if they were not protected against theft, fraud, or accidental loss.
- Finding 3: Few Canadians (just 9%) have heard of open banking. Of those who have heard of it, fewer still understand it.
On “diverse needs” of Canadians from OB POR data
- FCAC’s public opinion research also indicated that certain groups of Canadians have a higher interest in open banking than other survey respondents. These groups include:
- recent immigrants,
- people aged 18-34 years,
- men, and
- those with household incomes of $60,000 or more
- FCAC’s research also indicated some groups are less likely to have heard of open banking than other survey respondents, including:
- Seniors,
- francophones,
- lower-income respondents, and
- women