Change is in the works that will give Canadian consumers and businesses significantly more control over their financial data, in what’s known as open banking.
Open banking works by giving consumers the option to share their banking data with other firms. The most common use is granting access to budgeting or money management apps and companies, so that a customer can pool different bank accounts and credit cards into one place.
Ah yes, finally what we’ve been missing in our financial system! 🤭
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Can’t imagine I’d take advantage of it. I’m still waiting on a postal savings system in Canada.