{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/5ab6fe42bb6ddf45527e077e/601066ed8340a413fa0c1ae0?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"Open Banking 3: Canada with Ben Harrison, Andrew Moor, & Daniel Eberhard  | E161","thumbnail_width":200,"thumbnail_height":200,"thumbnail_url":"https://open-images.acast.com/shows/5ab6fe42bb6ddf45527e077e/1611687620388-d0d8426e32402996d77a968c7c824be2.jpeg?height=200","description":"<p>In this 161st episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host is joined by Ben Harrison (Portag3 Ventures), Andrew Moor (EQ Bank), &amp; Daniel Eberhard (KOHO) for part 3 of his series on Open Banking. This one is all about Canada!</p><p><br></p><p>Episode Highlights:</p><ul><li>0:57 – Andrew Moor introduces himself and EQ Bank.</li><li>2:25 – Ben Harrison gives insight into his role at Portag3.</li><li>3:58 – Daniel Eberhard introduces himself and CoHo’s mission.</li><li>6:15 – What is the current state of Open Banking in Canada?</li><li>9:00 – How does this round of conversations surrounding Open Banking differ from conversations in the past?</li><li>12:49 – Jason discusses the unprecedented urgency around regulatory reforms in Canada right now.</li><li>14:19 – What kind of consideration is Canada’s advisory committee taking from markets that have already implemented Open Banking?</li><li>18:12 – Everyone discusses the lack of data rights for consumers in Canada.</li><li>23:28 – What does Open Banking mean to the future of KOHO, EQ Bank, and Portag3?</li><li>30:39 – Who will be making the decisions for consumers’ financial lives with Open Banking?</li><li>32:39 – Is there a concern about focusing on solely quantitative data and ignoring qualitative data surrounding consumer lives?</li><li>38:30 – Jason explains how quality goes down every time a company adds a new product.</li><li>40:48 – What is the one thing that everyone needs to know about why we need Open Banking?</li></ul><p><br></p><p>3 Key Points</p><ol><li>Currently, Canada’s 5 largest banks have the largest revenue to population ratio in the world, largely due to a sheer lack of competition.</li><li>Unlike past conversations around Open Banking with the Canadian Minister of Finance, this time around there is an actual proposal.</li><li>The fundamental push for Open Banking has been fueled by a lack of engagement by consumers. The hope is that Open Banking makes financial transactions and banking transparent and simple.</li></ol><p>&nbsp;</p><p>Tweetable Quotes:</p><ul><li>“This is a way to unplug the power of some very large institutions and deliver more value to the entrepreneurial community...everyone should be aligned on this kind of thing.” – Andrew Moor</li><li>“The message that I take from the advisory committee’s work is they strongly believe that government absolutely needs to play an important role in designing the framework from a legislative standpoint.” – Ben Harrison</li><li>“The real gating factor is actually the approval and I think that’s always been the biggest risk to this process. And now we have a framework through which to shape the discussion.” – Daniel Eberhard</li><li>“The general how we’re going to do this hasn’t necessarily been fully addressed yet. It’s more so we need to do this.” – Jason Pereira</li><li>“It is really hard to be good at tons of things.” – Jason Pereira</li></ul><p>&nbsp;</p><p>Resources Mentioned:</p><ul><li><a href=\"https://www.facebook.com/jason.pereira\" rel=\"noopener noreferrer\" target=\"_blank\">Facebook</a> – Jason Pereira’s Facebook</li><li><a href=\"https://www.linkedin.com/in/pereirajm?trk=org-employees_mini-profile_title\" rel=\"noopener noreferrer\" target=\"_blank\">LinkedIn</a> – Jason Pereira’s LinkedIn</li><li><a href=\"https://www.fintechimpact.co/\" rel=\"noopener noreferrer\" target=\"_blank\">FintechImpact.co</a> – Website for Fintech Impact</li><li><a href=\"https://jasonpereira.ca\" rel=\"noopener noreferrer\" target=\"_blank\">JasonPereira.ca</a> – Sign up for Jason Pereira’s newsletter</li><li><a href=\"https://www.woodgate.com/\" rel=\"noopener noreferrer\" target=\"_blank\">Woodgate.com</a> – Website for Woodgate Financial</li><li><a href=\"http://p3vc.com/\" rel=\"noopener noreferrer\" target=\"_blank\">Portag3 Ventures</a> – Website for Portag3 Ventures</li><li><a href=\"https://www.eqbank.ca/index\" rel=\"noopener noreferrer\" target=\"_blank\">EQ Bank</a> – Website for EQ Bank</li><li><a href=\"https://www.koho.ca/\" rel=\"noopener noreferrer\" target=\"_blank\">KOHO</a> – Website for KOHO Financial</li></ul>","author_name":"Jason Pereira"}