One of the best examples I can think of that has gotten plenty of attention anywhere that it's been talked about is Borrowell's Rent Advantage program. They have a product that allows Canadians who might not have a lengthy credit history or new Canadians who don't have a credit history that's recognized by financial institutions to use rent payments to build their credit score. My understanding is that they were the first company in Canada to do that. That kind of product is built on the back of what open banking would enable.
Unfortunately, the problem now is that the only way that banks give to Canadians to share their financial information is unreliable and risky. Connections are often coming down, resulting in disruptions to the service. It gets in the way of Canadians trying to meet their financial objectives.
I also agree that any time you try to change financial sector policy there are going to be complexities and risks that need to be managed, but the status quo is also fraught with risks, and those risks need to be managed.
My understanding is that the department and our open banking lead are ready to go. They have been ready to go for months. They have been consulted on this for a long time. They've been consulting on this for over five years. What we need now is attention from the Minister of Finance to actually make a decision and give Canadians a way to access a wider range of financial services without compromising their financial security and their privacy.