Open banking could eventually be available to Canadians, which would change how we access our personal finances. This style of banking is consumer-driven and would bring transparency to a customer’s information. but despite the talk, Canada is lagging behind other Western countries when it comes to implementing open banking.

The Globe’s personal finance reporter, Salmaan Farooqui, breaks down the inner workings of open banking – its benefits and concerns, why it doesn’t exist in Canada yet, and how this new development will affect the way Canadians manage their finances in the future.

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