Open banking could be ‘very positive’ for financial advice business

, serve the financial services industry itself by assisting in porting and aggregating client data from various providers.

But screen scraping is not an ideal solution, says Eric Arnold, CEO of Planswell, a Toronto-based fintech firm that provides free financial plans online to Canadians. Although he says he has never heard of these rules being enforced, financial services institutions have them “in their back pocket” if client information is stolen.Indeed, large financial services institutions have cause for concern. Canada’s major financial services institutions have “traditionally been the gatekeepers for a lot of sensitive information,” Mr. Russell says.

Yet, technological challenges are not the biggest obstacle to embracing open banking, Mr. Felesky says. “We believe the top Canadian banks are in a position to turn on an API infrastructure fairly easily.” What’s more, he adds that “Canada needs open data systems to better capitalize on next-generation client services” that involve automation, machine learning and data analytics.

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Naomi Osaka reaches quarterfinals at Pan Pacific Open - TSN.caTop-seeded Naomi Osaka reached the quarterfinals at the Pan Pacific Open by beating qualifier Viktoriya Tomova 7-5, 6-3 on Wednesday. Osaka, who was broken twice early in the match, is looking to win her first title in her hometown after finishing runner-up in 2016 and 2018.
Source: TSN_Sports - 🏆 80. / 51 Read more »

Hong Kong government sets rules for open dialogue sessions between Carrie Lam, the publicThe government told those taking part to be ‘orderly’ and not bring along loudhailers, bunting or umbrellas Oh nice! A carefully choreographed stage performance! The public have already spoken very clearly and consistently for 100 days, it is just that Carrie Lam is not listening. FiveDemandsNotOneLess Who is the wickedness of the evil regime?
Source: globeandmail - 🏆 5. / 92 Read more »

$100-million Brian Mulroney Institute of Government opens at former prime minister’s alma mater St. Francis XavierMulroney reflects on lessons his father taught him during opening ceremony Did the money come in brown paper bags? SCARY!!
Source: globeandmail - 🏆 5. / 92 Read more »

HuffPost is now a part of OathGood for Trudeau. This proposal will definitely be implemented.
Source: HuffPostCanada - 🏆 61. / 53 Read more »

Man loses $19,000 in 27 minutes after 'calculated thieves' snatch wallet in financial districtToronto, Ontario's armpit. So he’s bragging? Why?
Source: CTVNews - 🏆 1. / 99 Read more »