Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
New Mastercard Study: Majority of Canadian Consumers Embrace Open Banking
Mastercard | Dec 15, 2021
Report finds more than 77 per cent of consumers in Canada – and 86 per cent of Gen Z – are already connecting their bank accounts to technology apps
TORONTO, Dec. 15, 2021 /CNW/ - Mastercard released a new report, The Rise of Open Banking, demonstrating the mainstream adoption of technology to power smarter, more meaningful digital experiences. Open banking puts consumers at the centre of where and how their data is used to more effectively provide the services they want and need. Fintech companies and banks use this consumer-permissioned data to provide easier and more inclusive access to credit, personal financial management, digital wallets and payments services.
See: Tink Survey Report 2021: Open banking spending, investments and use cases
Open banking is already embedded in several areas of our daily lives, including personal financial management tools, linking of financial accounts and account opening. According to the report, over nine in 10 consumers (95 per cent) in Canada use online and mobile financial applications to manage money, with paying bills (85 per cent) and banking (84 per cent) as the most popular use cases.
Willingness to Connect Financial Accounts
Critical to driving many, if not all, of these transactions is the ability for consumers to securely link their bank or payment accounts and authorize their financial data to be used in online financial applications. The report found that:
- 65 per cent of consumers in Canada have, or would, consider connecting their bank accounts to financial apps and services to automate financial tasks
- 69 per cent of consumers in Canadian have, or would, consider connecting their bank accounts to financial apps and services to easily send money to someone
See: Privacy Implications of an Open Banking System in Canada
Trust in Fintech
Consumers are already connecting their data via multiple platforms to manage finances, and thus make their data work harder for them. Of those surveyed:
- 55 per cent of consumers in Canada feel very confident using technology to manage money
- Convenience is a top driver for using financial technology, with 62 per cent of consumers in Canada saying fintech saves them time and is less work
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