Keyword
open banking
Why open banking could ‘terrify’ brokers
October 8, 2021 by Greg MeckbachIf open banking comes to Canada, this could make it easier for fintechs and banks to offer embedded insurance and it will be hard to stop firms from using open banking data for underwriting purposes, a technology executive predicts. Open…
Regulator expects more frequent volatility in financial sector
September 30, 2021 Ian Bickis - THE CANADIAN PRESSTORONTO – The head of Canada’s banking regulator warned Wednesday of the potential for increased volatility in the global financial system as risks, especially around climate change and digital finances, are on the rise. “My new responsibility requires that I…
Why fintechs look forward to open banking in Canada
August 20, 2021 by Greg MeckbachIf open banking becomes available to Canadians in 2023, fintechs could find opportunities to cross-sell financial services including insurance, a venture capital expert suggests. Generally speaking, fintechs are looking forward to open banking coming into effect, said Laviva Mazhar, Montreal-based…
This open banking recommendation is a ‘red flag’ for brokers
August 11, 2021 by Greg MeckbachA federal advisory committee’s recommendation to prohibit the use of banking data in underwriting, during the proposed initial phase of open banking in Canada, is a partial but not a complete victory for Canada’s national brokers’ association. In its final…
Is it okay to use open banking data for underwriting?
August 10, 2021 by Greg MeckbachMutual insurers support a proposal to prohibit insurers in Canada from using banking data for underwriting, in an initial phase of open banking. However, one industry expert questions whether there is any harm in letting consenting consumers give their own…
Banking data should not be used for underwriting insurance: open banking committee
August 5, 2021 by Greg MeckbachOpen banking should not be used for underwriting insurance, a federally appointed committee said Wednesday. In its final report issued Aug. 4, the Advisory Committee on Open Banking recommended that the “initial phase” of open banking, in Canada, be up…
Open banking in Canada could help insurers with credit scoring
January 20, 2021 by Greg MeckbachOpen banking could give insurers better data for credit scoring, suggests an official with the organization that handles clearing and settlement for banks in Canada. “I think we will see more accurate underwriting and more accurate credit scoring,” Andrew McFarlane,…
What could push Facebook and Amazon into offering insurance
January 12, 2021 by Greg MeckbachIf the federal government goes forward with giving fintechs increased access to consumer financial transaction data, this could encourage large tech players like Amazon and Facebook to get into the insurance business, a Canadian P&C expert suggests. “Nobody ever thought…
The ‘strange and new opportunity’ for insurance from open banking
January 4, 2021 by Greg MeckbachIf Canada proceeds with so-called “consumer-directed finance,” technology firms could potentially get access to consumers’ insurance data, a Microsoft Canada expert told brokers during a recent webinar. The federal finance department appointed its Advisory Committee on Open Banking in 2018.…
Why you need to consider open banking
December 11, 2019 by Greg MeckbachAs open banking makes it easier for other players to access your clients’ financial data, now is the time for insurance professionals start thinking about how they can take advantage of this new model, an actuary advises. “A number of…
How to get your views on open banking heard in Ottawa
July 3, 2019 by Greg MeckbachIf open banking is on your radar screen, Senator Colin Deacon would like to hear from you. “I would love to have a conversation within [the property and casualty insurance] sector to talk with your sector leaders at some point,…