Yes, of course, Chair. It reads:
That, the Standing Committee on Finance undertake a study on open banking and report back to the House on: a) whether open banking could provide benefits to Canadians; b) how potential risks related to consumer protection, privacy, cyber security and financial stability could be managed; and c) what steps, if any, the Government should take to implement an open banking system?
Mr. Chair, open banking represents the next step in financial innovation for the Canadian banking system. Not only for the Canadian banking system, but worldwide, we've seen other countries, their legislatures and their pertinent committees studying open banking, looking at its impact on consumer choices, competitiveness and the overall financial system.
I'm just reading some of the information with regard to open banking that is out on the Internet. It is already taking place, and if I could give the example, if you go to your regular bank and do your daily banking or weekly banking there, which millions of Canadians do, there are obviously a number of what I would call “interlopers”, a number of institutions that aren't banks, creating services that banks and consumers utilize. With regard to paying bills, apps and wealth management, there is much innovation going on with regard to financial choices available for consumers.
Briefly, I'm going to mention a technical term, “open bank data”. If I could read a description, “open banking helps financial services' customers to securely share their financial data with other financial institutions. Benefits may include more easily transferring funds, comparing product offerings to create a banking experience that best meets each user's needs in the most cost-effective way. Open banking is also known”—and which I think is very important in this study—“as 'open bank data'.”
In the study, we should investigate how the data is being used and shared. I think this is something that Canadians may not think about every day, but participate in it every day. They should know that the standing committee on finance has looked at open banking judiciously and diligently, and has undertaken a study to see how this financial innovation is affecting consumer choice and the financial services sector.
Thank you, Mr. Chair.