Open Banking 4: Global Contrast with Edward Berks, Davyde Wachell, & Chad Davis | E162
In this 162nd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Edward Berks (Xero), Davyde Wachell (Responsive AI), and Chad Davis (LiveCA) on what works and doesn’t work with Open Banking in different countries around the world!
- 1:03 – Everyone introduces themselves and their companies.
- 4:06 – What market has done the best job of moving Open Banking forward?
- 8:44 – Where have we seen the biggest struggles throughout the world?
- 13:40 – David explains how North American banks are actively slowing down the process of Open Banking.
- 17:00 – Everyone weighs in on TD’s current lawsuit against Plaid.
- 21:05 – What is the correlation between market competition and outcomes?
- 27:00 – Jason compares the American financial psyche with the Candian one.
- 28:03 – Everyone discusses streamlining access to capital during COVID in Canada.
- 33:30 – Why does the Canadian government continue to push timelines for Open Banking?
- 37:30 – David discusses the opportunity that exists for financial regulators in Canada.
- 39:30 – What is the timeline in Canada for the next thing that financial institutions should be excited about?
- 41:10 – What would each guest change in the world of Open Banking?
3 Key Points
- Though Canada has PIPEDA, which guarantees people’s right to their data upon request, the banks have made the process a nightmare for the requester.
- Canadian banks colluded to ban Apple Pay in Canada in a manner that would be considered illegal in other countries.
- In Canada, Fintech was completely boxed out of the situation of providing relief during COVID, something it could have done much quicker than the major banks.
- “Australia has always been a little further along on the accounting and banking spectrum than Canadians and Americans and the UK. I think they’re going to be pretty well positioned to roll this out right as well.” – Chad Davis
- “Every time we give a password, we’re violating our fraud protection. That’s just a nonsensical stance to take.” – Jason Pereira
- “Whether or not you’re China or whether or not you’re a Canadian bank, the more you try to stop the flow of information, the more that information is going to flow.” – David Watchel
- “I think that there’s a herd instinct in well–established banks in most jurisdictions, and once you get that first domino toppling, it’s difficult for the other banks not to follow.” – Edward Burke
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