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Open banking: Redefining financial services

Open banking: Redefining financial services

How Canadian financial institutions can prepare for open banking

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Geoff Rush

Partner, Management Consulting

KPMG in Canada

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Open banking

​Open banking is causing dramatic unprecedented change, as it aims to provide retail and commercial customers with more control over their data. The shifting atmosphere in the banking sector opens the door to many opportunities and challenges that are going to create a more competitive and innovative financial services ecosystem.

Financial institutions need to start brainstorming ideas and building defensive strategies to protect and expand their market share today.

With our detailed three-step process, KPMG can help your organization prepare for the future of open banking:

  1. Develop an organization-wide open banking strategy
  2. Assess open banking readiness
  3. Mobilize 'First Moves' in selected fields of play

Let's do this.

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