House Standing Committee on Finance (May 31, 2024):
ISSUE: FCAC’s research into consumer-driven (open) banking

On FCAC’s open banking public opinion research (POR)

FCAC’s policy and research functions have already made important contributions to the development of the Consumer-Driven Banking Framework.
For example, as part of its mandate FCAC monitors and evaluates trends and emerging issues that affect financial consumers, including open banking.
In June 2023 FCAC conducted public opinion research into Canadians’ awareness of and expectations for open banking.
This public opinion research shows that Canadians’ knowledge and understanding of open banking is low.
The research also shows that that strong and consistent consumer protections and consumer education would make consumers more likely to use open banking.
Key findings from our public opinion research on open banking:
- Finding 1: Canadians assume that the protections are the same when using a fintech or a bank app. Only 18% of respondents knew that protections are different when using services offered by fintechs versus banks.
- Finding 2: Most Canadians (over 80%) would not use, or would stop using, fintech product and services if they were not protected against theft, fraud, or accidental loss.
- Finding 3: Few Canadians (just 9%) have heard of open banking. Of those who have heard of it, fewer still understand it.

FCAC’s public opinion research also indicated that certain groups of Canadians have a higher interest in open banking than other survey respondents. These groups include:
- recent immigrants,
- people aged 18-34 years,
- men, and
- those with household incomes of $60,000 or more
FCAC’s research also indicated some groups are less likely to have heard of open banking than other survey respondents, including:
- Seniors,
- francophones,
- lower-income respondents, and
- women

2025-09-02