Interview: Open Banking With Gary Schwartz, Canadian Lenders Association

Interview: Open Banking With Gary Schwartz, Canadian Lenders Association

Written by Kira Knox
Fact-checked by Caitlin Wood
Last Updated November 4, 2021

“It’s incumbent upon a country that wants to be “next-gen” in banking to allow for the fuel for this next-gen banking vehicle to be out there and accessible, and the fuel, as we know, is data.”

The Loans Canada team recently sat down with Gary Schwartz, President of the Canadian Lenders Association over Zoom to talk about open banking, the road to its institution in Canada, and how it will affect consumers, banks, and the market as a whole.

Open banking is a regulatory framework that gives consumers ownership of their banking data, allowing them to determine when and with whom they want to share it. With open banking, the consumer has the power to share their data with the financial providers of their choice, and to switch providers just as easily.

Earlier this month, the federal government released a long-awaited report outlining their recommendations for the future of open banking in Canada. It proposes an 18-month plan for moving forward with open banking, placing the first phase of operations in January 2023. 

However, Schwartz belongs to the camp that believes that this is not soon enough. “Certain banks have basically discontinued the free flow of data, so that’s a big problem for a lot of Canadians. […] We’ve definitely taken a step back,” says Schwartz of the current situation.

Watch the full interview above, or check out the snippets below to hear Schwartz speak on the importance of intelligent use of data in open banking and centering the consumer in these frameworks.

The Intelligent Use Of Financial Data

Schwartz explains that data becoming accessible is only the beginning – it also needs to be used strategically in order to be useful.

The Importance Of Centering The Consumer

Schwartz points out that things change when you place the consumer in the center of your framework.

Rating of 5/5 based on 6 votes.

Kira graduated from Concordia University with a degree in Communication Studies. She feels passionate about making financial education accessible to all Canadians through diverse forms of media. She has experience in writing, video editing, and social media.

Click on the star to rate it!

How useful was this post?

Research & Compare

Canada's Loan Comparison Platform

Largest Lender Network In Canada

Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.

Save With Loans Canada

Special Offers

Red American Express® Card

Red American Express® Card
Ends April 30, 2023

Earn up to 12,000 bonus Scene+™ points in your first year (that’s up to $120 towards travel).

View Offer
Cashback & Bonus Offer

Cashback & Bonus Offer
Ends March 1st, 2023

New Offer! Get up to $2,000 cashback + a $50 bonus on signing up. Conditions apply.

View Offer
Earn 5% Cash Back With Neo

Earn 5% Cash Back With Neo
No annual fee!

Earn an average 5%¹ cash back at thousands of partners and at least 0.5%² cashback guaranteed.

View Offer
Best Personal Loan Provider by Greedy Rates

Confidential & risk-free

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.

When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.

Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.

Your data is protected and your connection is encrypted.

Loans Canada Services Are 100% Free. Disclaimer

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.