We look forward to being a leader in the shift to open banking, leveraging the experience our affiliates have working in open banking environments.
For instance, AccountScore, an Equifax company, is using open banking, and the ability to access more data, to give financial services companies in the U.K., actionable insights on their customers, prospects and applications. In Australia, we’re working with bank transaction data to promote responsible lending obligations.
Open banking will increase data sharing
Increased data sharing also enables us to enhance the services that we provide to the market. For example, access to more data will allow us to generate even more holistic credit scores; increase fraud-related monitoring; and enhance our suite of commercial solutions.
Yassir Jiwan, Equifax Canada’s Director of Digital Innovation, welcomes the committee’s report and says, “Open banking unlocks meaningful benefits for Canadians by addressing information and service gaps that hamper growth and prosperity in our market today. For example, currently a new graduate with a limited credit history usually requires a cosigner to access an affordable rate on a car loan. With open banking, they will be in a position to safely share their holistic financial position with a lender, complementing their credit history with bank transaction history to qualify for an affordable rate on their own merits. We’re talking about a secure, structured framework with strict protocols in place, including proper liability frameworks to make sure Canadians are confidently able to share their information with trusted entities.”
Open banking will support the health of our financial system
While Equifax is looking forward to open banking coming to Canada, this is just the first step. We encourage the government to expand the scope to other data sets and companies, such as utility and telecom information, so Canadians can get an even better view into their financial lives.
By empowering Canadians and businesses to get more out of their money, the entire financial ecosystem, including our economy and the health of our financial system, will benefit.
We want to help Canadians live their financial best. To learn more about how understanding open banking in Canada can help boost you business growth, please contact your Equifax Account Representative. You can also reach us directly at 1-855-233-9226 and follow us on Twitter and LinkedIn.
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