Banking Frontiers|February 2020
However, Canadian banks have not taken to open banking in a way that banks of other countries like Australia or Britain have adopted the system and made significant strides in developing standards and procedures ensuring security of the data and bringing in conveniences for the customers. Canada is placed at the 8th position in the EY Open Banking Opportunity Index, which measured the readiness of 10 different markets around the world to operate successfully in an open banking environment. The Index shows that most individual markets need to strike a better balance between implementing regulatory structures, building consumer trust and encouraging innovation.
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