Steve Boms
Steve Boms is the executive director of the Financial Data and Technology Association of North America.
Too often, smaller companies lack the same ability to influence financial infrastructure and policy outcomes as larger incumbents. The consumer-driven banking framework Canada implements can make or break their future.
Small businesses are under increasing pressure to remain competitive and need access to modern financial tools that allow them to quickly assess costs, secure affordable credit, and better manage cash flow.
The government will finally advance Canada towards consumer-driven finance when it tables legislation signalled in April’s budget.
If the government is serious about supporting consumers’ financial wellbeing and encouraging competition, it’s time to prioritize the open finance file to give all Canadians the modern financial system we deserve.