Open Banking 3: Canada with Ben Harrison, Andrew Moor, & Daniel Eberhard | E161
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), & Daniel Eberhard (KOHO) for part 3 of his series on Open Banking. This one is all about Canada!
- 0:57 – Andrew Moor introduces himself and EQ Bank.
- 2:25 – Ben Harrison gives insight into his role at Portag3.
- 3:58 – Daniel Eberhard introduces himself and CoHo’s mission.
- 6:15 – What is the current state of Open Banking in Canada?
- 9:00 – How does this round of conversations surrounding Open Banking differ from conversations in the past?
- 12:49 – Jason discusses the unprecedented urgency around regulatory reforms in Canada right now.
- 14:19 – What kind of consideration is Canada’s advisory committee taking from markets that have already implemented Open Banking?
- 18:12 – Everyone discusses the lack of data rights for consumers in Canada.
- 23:28 – What does Open Banking mean to the future of KOHO, EQ Bank, and Portag3?
- 30:39 – Who will be making the decisions for consumers’ financial lives with Open Banking?
- 32:39 – Is there a concern about focusing on solely quantitative data and ignoring qualitative data surrounding consumer lives?
- 38:30 – Jason explains how quality goes down every time a company adds a new product.
- 40:48 – What is the one thing that everyone needs to know about why we need Open Banking?
3 Key Points
- Currently, Canada’s 5 largest banks have the largest revenue to population ratio in the world, largely due to a sheer lack of competition.
- Unlike past conversations around Open Banking with the Canadian Minister of Finance, this time around there is an actual proposal.
- 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.
- “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
- “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
- “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
- “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
- “It is really hard to be good at tons of things.” – Jason Pereira
- Facebook – Jason Pereira’s Facebook
- LinkedIn – Jason Pereira’s LinkedIn
- FintechImpact.co – Website for Fintech Impact
- JasonPereira.ca – Sign up for Jason Pereira’s newsletter
- Woodgate.com – Website for Woodgate Financial
- Portag3 Ventures – Website for Portag3 Ventures
- EQ Bank – Website for EQ Bank
- KOHO – Website for KOHO Financial