July 5, 2016, OTTAWA - Canadian Banks Must Improve their Use of Financial Technology
Canadian Banks Must Improve their Use of Financial Technology
Building Canada’s Fintech ecosystem is key to strengthening innovation, customer experience and economy
July 5, 2016, OTTAWA – This week, Canada’s Digital Policy Forum (CDPF) provided the attached comments to the Competition Bureau’s deliberations on technology‑led innovation and emerging services in the Canadian Financial Services Sector.
CDPF proposes that significant changes are needed to how banks interact with external software technology, such as online‑based financial advisory services, in order to strengthen innovation and build the Canadian financial technology “FinTech” ecosystem.
“Financial technologies offer tremendous value to consumers by simplifying processes that have traditionally been burdensome and by creating a better customer experience. A Canadian financial technology ecosystem would also greatly contribute to further diversification and growth of our economy,” says Jeremy Depow, Executive Director of CDPF.
The comments offer two recommendations that could securely and safely promote innovation in financial technologies and build a Canadian “Fintech” ecosystem:
- Canada should require traditional Canadian financial institutions to open up their Application Programming Interfaces to new entrants and develop a common API standard.
- A regulatory “sandbox” should be established to allow for the development of new innovations without being unfairly hindered by an out dated regulatory culture.
CDPF is an Ottawa-based independent think-tank devoted to discussion of digital policy issues. The group seeks to facilitate the development of public policies that advance Canada’s digital economy by promoting dialogue and the interchange of ideas between stakeholders.