Canada Leapfrogs on Open Banking

Welcome back to the Fintech Takes podcast. I’m Alex Johnson, joined in this episode by two guests, Steve Boms (Executive Director at FDATA) and Dan Murphy (Founder of Sunset Park Advisors; formerly CFPB). We're talking about Canada, and why a country that has spent the better part of a decade moving at a pace I have occasionally made fun of in the newsletter is now arguably ahead of the U.S. on open banking regulation. Dan and Steve walk through how Canada deliberately corrected what other countries got wrong, and how timing and learning play a role, too. Canada watched the BPI lawsuit play out in the U.S. They saw the gap between banks' stated preferences and revealed preferences once implementation became real. They built voluminous, specific legislation partly because they learned what happens when you leave room for interpretation. The conversation explores the global policy learning ecosystem, the cultural conservatism baked into Canadian financial services (Steve calls it "conservatism with the lowercase c"), and how a Big Five oligopoly holding 90% of consumer deposits accidentally created conditions for comprehensive reform when external pressure finally arrived. Highlights include: Steve's argument that write access might actually solve liability problems by creating traceable ledgers of who changed what and when Dan's observation about the Amazon Perplexity lawsuit and how it echoes every open banking access fight  The distinction between domestic competition policy and international competitiveness policy, and why they usually point in opposite directions This episode is brought to you by Plaid.  Most lenders see the value of cash flow data. The hard part is getting started—and knowing what to do with it once you have it. Plaid makes it easy to access real-time cash flow and behavioral insights in seconds, through a familiar experience borrowers already trust. No heavy lift. No added friction. Learn more at www.plaid.com/ftt Sign up for Alex’s Fintech Takes newsletter for the latest insightful analysis on fintech trends, along with a heaping pile of pop culture references and copious footnotes. Every Monday and Thursday: https://workweek.com/brand/fintech-takes/ And for more exclusive insider content, don’t forget to check out my YouTube page. Follow Steve: https://www.linkedin.com/in/stevenboms/ Follow Dan: https://www.linkedin.com/in/danieljmurphy01/ Follow Alex Johnson:  YouTube: https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos LinkedIn: https://www.linkedin.com/in/alexhjohnson X: https://www.twitter.com/AlexH_Johnson