Yassir Jiwan I Equifax Canada
Q: Explain what you do in 50 words or less.
I lead Equifax Canada's Digital Innovation practice, focusing on delivering new capabilities and services that give our customers a competitive edge in the market.
Q: What value or insights should attendees expect to get from the Open Banking Expo Canada?
The Open Banking Expo is a leading forum for an honest and informed dialogue on Open Banking that brings together participants from across the ecosystem. Attendees should expect an insightful exchange of ideas on how best to realize the benefits of Open Banking for Canadians.
Q: What are the challenges to overcome before Canada can implement Open Banking?
A key challenge would be to educate Canadians on the value and power of their data ownership, and how will industry and government handle the potential consumer-centric data access and permissions management mechanism.
Q: If Open Banking is implemented in Canada, what are your predictions/implications for Canada’s financial landscape?
In addition to the benefits to the large established FIs and smaller financial service providers - broader seamless digital financial interactions and reduced operating costs - I expect to see increased financial participation and engagement from today's largely underserved Small Business, newcomer and young adult segments.
Q: What Open Banking initiatives has your organization undertaken so far?
Open Banking has enabled Equifax to see the value of deposit data-driven risk and affordability insight solutions to customers and consumers in other jurisdictions where we operate. We are working with M&S Bank in the UK to make the mortgage process not only simpler and easier, but also faster and more secure. While an Open Banking framework is being reviewed by the Government here, we have developed a product – coming to market soon— that is derived from deposit information. Our new Deposit Account Insights solution allows Canadians to use their deposit information to access financial products and services that were otherwise inaccessible. There is potential for this solution to evolve once we have a greater understanding of what Open Banking will look like in Canada.
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