Open banking won’t work unless Canadians care...And right now, most don’t

Key illuminated insight

Only 9% of Canadians understand what open banking is. That’s not a technology problem. That’s a trust and awareness problem.

We’re building the future of finance—but the people we’re building it for don’t even know it exists.

Last week’s FCAC vision at the Canadian Open Banking Expo in Toronto painted a clear picture: Open banking has enormous potential to make Canada’s financial system more inclusive, more secure, and more consumer-driven.

But if the public doesn’t know about it—doesn’t trust it—then the policy stalls. The momentum dies. The future slows down.

Step into full illumination

The policy is solid. The promise is clear.

The Consumer-Driven Banking Act is a strong legal framework.
The infrastructure is underway.
The intent is admirable: a seamless, secure experience where Canadians control their own financial data.

That’s the vision.

We also know Canadians want it—86% prefer transparent, well-regulated data sharing over what we have now.

But there’s a painful disconnect:

• Most people haven’t heard the term “open banking”

• Many still give their bank passwords to third-party apps

• And screen scraping—risky, outdated, and messy—is still the default

So what’s the real barrier?

Awareness.
Trust.
And the complete lack of a human story.

Right now, open banking is still being marketed like a compliance framework.
But if we want Canadians to care, we need to make it real for them.

That means showing how:

• A newcomer can securely share credit history to qualify for a loan

• A gig worker can see all their income sources in one place

• A retiree can safely connect accounts to budgeting tools without fear

• A student can compare fees and find better banking options—without being locked into one institution

Trust isn’t a byproduct of regulation. It’s a marketing job.

One of the most revealing stats shared at the Open Banking Expo by FCAC:

Fintechs are four times more likely to invest in open banking if consumer trust is in place.

That’s not a technology problem.
That’s not a legal problem.

That’s a positioning problem.

Trust is earned by stories, education, clarity—and leadership from the companies closest to the consumer.

A call to action for fintech founders and credit union CEOs

If you’re waiting for Ottawa to lead public education, we might be waiting a while.

Instead, let’s take the lead. Exponentially grow your revenue by investing in open banking and educating consumers about the future of finance now.

Use your platforms, your marketing, and your influence to:

• Tell the human story of open banking

• Focus on empowerment, not regulation

• Build campaigns that speak to real needs—not just tech features

• Partner with creators and community leaders to build trust

• Translate “open banking” into real-life scenarios that matter

We don’t need to wait for policy to be finalized to start shifting perception.
We can start shaping demand now—and that demand will help drive policy forward.

Final thought

Marketing isn’t the afterthought.
It’s the unlock.

If we want open banking to succeed, we need Canadians to care.
And that starts with leaders—like you—stepping forward to shape the conversation.