This week’s Competitive Intelligence (CI) Update explores Canadians' attitudes towards open banking, RBC's cybersecurity incubator, bank marketing campaigns, and more!

Open Banking

The recent federal budget promises to move open banking forward, committing to introduce some of the necessary legislation this spring and the remaining elements in the fall. The Financial Consumer Agency of Canada (FCAC) has been tasked with overseeing, administering, and enforcing the open banking framework.

While the financial industry is keenly aware of the system, Canadians are not.

Recent studies by Abacus Data and Environics look at Canadians' awareness and interest in open banking. Canadians are more likely to trust traditional financial institutions and least likely to trust social media platforms.

The Abacus study also looked at how willing Canadians are to share data based on the enhanced banking services they receive.

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