Open Banking Offers New Opportunities for Small and Mid-Sized
By Don Coulter
December 10, 2019
Are you the owner of a small or mid-sized business? If so, the advent of open
banking in Canada (hopefully sooner rather than later) is sure to change the way
you do business—for the better.
enables consumers and businesses to authorize third parties to access their bank
account data to collect account information and/or initiate payments. It is
already launched in the EU, UK and other countries.
Open banking will provide businesses and consumers with more financial service
options and tailored solutions than ever before. Here’s what you need to know.
The data sharing that comes with open banking will help small to mid-size
businesses, which are more likely to struggle financially, to quickly assess
their financial situation, balance cash flow, organize their taxes, and make
faster payments and better financial decisions. Open banking can speed up
important processes that increase the flexibility of your business; automated
workflows, audit preparation and faster credit applications are some of the ways
open banking can create smoother business operations and ease stress for
Having a clear view of their entire financial landscape can help small and
mid-sized businesses be more efficient and profitable, while at the same time
giving you better service from your financial institutions. The increased data
available to banks will enable them to offer customized products and discounts
based on their customers’ habits, and create shared offers with related
Open banking will also enable financial institutions to better partner with
FinTechs, companies that use technology to provide financial services to
businesses or consumers. Canada has a thriving FinTech industry and Concentra
partners with several FinTechs such as FinanceIt, Savvyy and Borrowell, and we
are negotiating new FinTech partnerships on an ongoing basis. With open banking,
secure APIs and digital IDs, we’ll be able to integrate some FinTech services
with our banking system that commercial and consumer customers can benefit from.
FinTechs can also help increase financial inclusion among people who are less
able to afford banking costs.
can help Canada’s small and medium-sized businesses—the
backbone of our economy—to
grow. It’s time to embrace the advent of open banking as a much-needed spark
that will open a path to success for Canadians, Canadian businesses and our
As President and Chief Executive Officer Don brings to Concentra a talent
for bold and innovative thinking, superior strategic insight and an
energetic, engaging leadership style. He possesses a wealth of industry
experience from financial institutions in Canada and around the globe. Don
is a visionary who enables Concentra to deliver business results and growth
by focusing on strategy. A member of the Concentra Bank Board of Directors,
Don engages regularly with the Board to continually advance Concentra’s
strategic position in the financial services industry.
For more information, contact:
1.800.788.6311 | CommercialMarkets@concentra.ca