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New Mastercard Study: Majority of Canadian Consumers Embrace Open Banking

Mastercard | Dec 15, 2021

rise of open banking mastercard - New Mastercard Study:  Majority of Canadian Consumers Embrace Open Banking

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.

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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

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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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NCFA Jan 2018 resize - New Mastercard Study:  Majority of Canadian Consumers Embrace Open Banking The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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