FCAC Survey Results: Understanding the Canadian Consumer’s Perspective on Open Banking | National Crowdfunding & Fintech Association of Canada

FCAC | Jun 5, 2023

FCAC contracted the services of Advanis to conduct POR, between May 16 and June 28, 2022, into Canadians' awareness and understanding of open banking and financial technology or fintech services. 

The goal of this research was to help FCAC better understand the knowledge, perceptions, habits, concerns, and consumer protection expectations of Canadian consumers with respect to open banking and related fintech services.

• Low Awareness and Understanding of Open Banking:
  • The research reveals that only 9% of Canadians have heard of open banking, with a mere 7% of these respondents being "very" familiar with it. This indicates a significant knowledge gap among consumers, highlighting the need for comprehensive educational initiatives to increase awareness and understanding of open banking.
• Consumer Protection is Crucial:
  • The study indicates that the consumer protection measures incorporated into an open banking framework will significantly impact participation. The most popular protection, selected by 70% of respondents, was "full protection from any losses" if something were to go wrong.
  • Other valued protections included the ability to revoke consent at any time and requirements for reporting data breaches.

See:  Visa Survey: Insights into Consumer Preferences for Open Banking

• Limited Interest in Participation:
  • Despite the potential benefits of open banking, consumer interest in using open banking is low. After hearing a definition of open banking, over half (52%) of Canadians said they would not participate in an open banking system. approximately one-third (29%) said "maybe" while only 15% said they would participate.
  • Canadians also value strong governance and regulatory oversight:
    • 53% of respondents selected "making sure someone oversees the open banking system to keep consumers protected," and
    • 54% wanted to be sure that banks can't pressure them to share their financial data.
    • If something were to go wrong, 62% want a clear and easy process to follow to make things right.
  • Many Canadians need to know more about open banking before they decide whether to use it.

More information --> here

Download the 22 page PDF survey results report --> here

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