A survey conducted by the Financial Consumer Agency of Canada (FCAC) has highlighted the limited awareness and understanding of open banking among Canadians.
Only 9% of respondents were familiar with this emerging financial trend. Even among those aware, significant knowledge gaps existed, such as misconceptions about its availability in Canada.
Interestingly, 52% claimed they wouldn’t use open banking, but experts argue that targeting adoption rather than awareness is crucial.
The report recommends consumer protection measures, empowering individuals with control over their data, and offering clear information to drive participation. As Canada moves closer to unveiling a tailored open banking framework, the focus shifts to facilitating a smooth transition.
Want to know more? Check out the source code on Fintech.ca. Image: Lianhao Qu.