I'm happy to. Thank you for the question.
There are several benefits. I'll just highlight a few.
Number one is access to affordable credit and capital. We saw this in many other jurisdictions during the COVID pandemic. The smallest small businesses were able to use non-banks to access credit faster and more efficiently than through larger banks. Canada is the only country in the G7 that did not facilitate that type of access because there wasn't open banking to facilitate it.
For consumers, there's more competition. The more players that exist in the financial sector, the lower the fees, the better the service and the better the opportunity to find the solution that's right for you. For new Canadians, for example, who might not have a traditional credit history, using transaction data to demonstrate that they are in fact creditworthy can enable them to achieve affordable credit in ways that can help them be more productive members of society, make purchases, buy a car or get a mortgage.
There are many benefits. Those are just a few that I would highlight.