The three core objectives for the consumer-driven banking framework are, first, economics, incenting competition and innovation, as your colleague spoke to; second, security; and third, consumer protection. The goal is to allow Canadians to securely share their financial data and information with accredited entities so that they can access new and innovative digital tools that allow them to improve their financial outcomes. Currently, people do use a workaround called screen scraping, which requires them to share their online banking credentials to access these services. It's neither efficient for the entities offering these services nor secure, whether for the Canadians using them or the entities with which they do their banking.
This framework puts in place a pathway to accreditation. It puts in place oversight and rules governing entities that will facilitate the secure sharing of financial information through technology called API technology.