New report provides key takeaways for financial services firms
With open banking set to come to Canada in 2026, consumers say security, trust and control are non‑negotiable when it comes to sharing their financial data.
The 2025 EY Canada Open Banking Survey shows that security, data control and trust combined rank 27% more important than the easing of banking processes, and 18 % more important than personalization.
This is the foundation upon which open banking adoption will be built and financial service providers that underestimate this will find consumers remain hesitant to engage, according to the report which highlights three key takeaways for the industry.
Security fears top the list with identity protection and assurances that data won’t be misused revealed as primary concerns for 68% of consumers, while 72% insist their data only be used for its intended purpose.
Providers that bake in identity‑theft protections and explicitly limit data usage find these offerings are more than twice as valuable to consumers, so resolving core barriers directly translates into greater willingness to share data.
Once security concerns are addressed, consumers look for real value. Products that simplify bill payments, or enable faster money movement within Canada, are seen as 1.6× and 1.5× more valuable respectively—and when combined, yield a staggering 3.8× lift in perceived value.
Meanwhile, better customer service and personalized alerts also help offerings stand out, with personalized communication rated 1.6× more appealing than improved investment advice.
Small‑to‑medium enterprises mirror these trends. Once trust is established, they value faster account funding and streamlined bill flows. Indeed, products that expedite funding and optimize bill payments drive adoption more than 4× faster and adding better credit terms can lift SMB adoption by 33%.
However, different demographics perceive risks and value differently. Age, income and familiarity with fintech shape trust levels and influence how consumers respond to barrier‑reducing measures and product features.
This means financial services providers must segment strategies: what resonates with a younger, tech‑savvy consumer may not influence an older small‑business decision‑maker in the same way.
