The era of Open Banking

Open Banking has the potential to reshape the future of the financial services industry. However, realizing its full potential will require prudent thinking on its design, applications, and implications. This article is Deloitte’s second release of a multi-part series that explores the most pertinent Open Banking issues facing Canada’s financial services sector.

In this article, we first explore the five most promising applications of Open Banking to serve as an inspiration for organizations that are exploring its potential. Then, we will discuss near-term opportunities that organizations can get started with to cultivate capabilities while generating business benefits and minimizing risks.

1. Ongoing prequalification of small business loan
2. Post-purchase installment refinancing
3. Automated cash flow management
4. Mass-market retirement and decumulation planning
5. Persistent discovery for wealth management