Is your insurance program ready for open banking?
Financial institutions owned and controlled access to customer data, which prevents others from making use of this information.
An initial framework for open banking, also called consumer-driven banking, was included the 2024 federal budget. The framework requires banks to provide third-party financial service providers open access to consumer banking, transaction, and other financial data. This allows customers to selectively share data with third parties that previously had only been visible to the bank. Third party providers can use this data to personalize products, consolidate data from multiple institutions or multiple people, or suggest ways to save.
