Federal efforts to bring “open banking” to Canada are being welcomed by players in the industry — but there’s also criticism that, after years of waiting, any changes may not come fast enough to encourage innovation or allow smaller financial players compete with larger institutions. Open banking lets consumers or business customers share personal and financial information between approved banks and other companies. For example, letting a budgeting app collect transactions from multiple bank accounts and compile them for you, or price comparison software that analyzes your shopping habits. Recent moves by Ottawa are “definitely a game changer,” according to Parna Sabet-Stevenson, a lawyer
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