Canadian Open Banking Forum
Explore the Opportunities, Reap the Rewards, Avoid the Risks
April 21 - 22, 2020 · Toronto, Ontario
Day Two Program Agenda: Wednesday, April 22, 2020
8:00 - 9:00 Continental Breakfast
9:00 - 9:15
Opening Remarks from the Chair
9:15 - 10:15
U.S Approach to Open Banking
- Will regulatory winds shift?
- Encouraging versus requiring open banking
- The hunt for global interoperability and global standards in an unregulated industry
- Developing and implementing a financial industry standard for secure data sharing
- Empowering consumers by putting more control in their hands over when or how their personal or financial data is shared,
- Consumer-permissioned data sharing
10:15 - 10:30 Networking Break
10:30 - 11:15
Determining Bank Strategy
Andrew McFarlane, Managing Director, Accenture Financial Services, Canada
- How is open banking re-shaping financial services?
- Will open banking drive innovation and revenue success?
- Where are the best opportunities?
- How can banks shift their focus to leverage open banking?
- Why the time to ensure all APIs are running smoothly is now
- How BBVA gained the competitive edge in the U.S.
11:15 - 12:15
Banks Challenges, Opportunities and Strategies for Open Banking Success: Mergers, Partnerships and More
Dan Dickinson, Chief Information Officer, Equitable Bank
- How are banks planning for the future?
- Learnings from initial pilots
- Will there be losses?
- Where are the opportunities?
- Will relationships between banks and fintechs be monetized?
- What do partnerships look like?
- What does collaboration look like?
- How does the Open Banking Relationship compare to partnering or collaborating?
- Mergers and acquisitions
- Process barriers
- Technical issues
- IT incompatibility: banks' legacy systems and Fintechs' IT systems
12:15 - 1:15 Luncheon Break
1:15 - 2:15
Challenges and Opportunities for Fintechs
Moderator: Anthony De Fazekas, Norton Rose Fulbright Canada LLP
- What barriers stand in the way of success for Fintechs?
- Strategies for success
- Lessons learned to date
- Planning for the future
- Will new products proliferate?
2:15 - 2:30 Networking Break
2:30 - 3:15
Who Will Own the Data? Consumer Data Rights and the Role of the Data Trust
In Canada, your financial data is not legally yours. The de facto answer as to who owns the data is, however, increasingly, the consumer. The following questions emerge:
- How does a consumer authorize or de-authorize its use?
- How can the consumers be educated to understand what they are consenting to
- Who should be educating the consumer?
- Should consent be standardized
- What is the scope of the data that can be used?
- How narrowly should governments define open banking?
- Is Open Banking just one aspect of a broader open data policy?
- Who is responsible to keep data secured?
- How does open banking fundamentally changes how we should think about ownership?
- Ethical considerations in deciding how data will be used
3:15 - 4:15
Managing Risk and Liability: Is Your Enterprise Fraud Strategy Ready For Open Banking?
In an environment where data is more open, the risk of data exposure is likely to grow. There will be new categories of fraudsters and scammers masquerading as legitimate third-party providers; greater potential for identity
theft; third parties that may not have sound operational risk management practices. In addition, in the event of a breach most consumers will direct complaints to the bank, even if the third party is at fault.
- Who’s liable in what circumstances
- What will agreements between banks and third parties look like?
- What will be the conditions on access to banks’ APIs, including security and data protection?
- What are the high-level principles for governance of third-party service providers?
- Where there are no agreements will parties rely on civil liability frameworks?
- Where there are agreements between banks and third parties how will liability issues be addressed?
- Will a white list be created so consumers can better identify legitimate third parties?
- Will third parties accessing bank accounts be required to hold professional indemnity insurance?
- How will disputes between banks and third parties be resolved
- UK Open Banking Standards and the Dispute Management System
4:15 - 5:00
Resolving the Tension Between Regulator-Driven and Market-Driven Open Banking
Eyal Sivan Head of Strategic Platforms, Enterprise Architecture at CIBC
If you are market driven you are constantly innovating to create products and services to delight the consumer. If you are driven by regulatory concerns you are focussed on setting standards, avoiding fines and achieving compliance. The truth, however, is that to be successful banks and fintechs must achieve both goals simultaneously
- Reading and responding to market forces
- Technological challenges
- Going the distance
5:00 End of Day Two