Advancing Consumer-Driven Banking in Canada with EQ Bank

Table of Contents

• 1. Canada’s banking must prioritize consumer-driven design
• 2. The Shift to Consumer-Driven Banking in Canada
• 3. Key Components for Successful Implementation
• 3.1 Trust Framework and Data Mobility
• 3.2 Role of Digital Identity
• 4. Collaboration Among Stakeholders
• 5. Building Consumer Confidence in Financial Data Sharing
• 6. Remembering Andrew Moor’s Legacy
• 7. The Future of Consumer-Driven Banking in Canada
• 7.1 Embracing Innovation for Enhanced Consumer Experience
• 7.2 Navigating Challenges in Implementation and Adoption

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Canada’s banking must prioritize consumer-driven design

• Canada’s consumer-driven banking debate has moved from “whether” to “how”—and delivery now matters more than policy theory.
• EQ Bank says delays keep consumers exposed to today’s risky data-sharing practices and leave innovators at a disadvantage.
• A workable system needs clear rules on security, liability, and accountability—plus consistent standards.
• Data mobility and digital identity are positioned as key enablers of competition and safer sharing.

Secure, Permissioned Data Portability
“Consumer-driven design” in banking means starting from what Canadians are already trying to do—compare products, switch providers, and use new tools—then building the rules, standards, and accountability so data sharing is permissioned, secure, and predictable.
The urgency isn’t abstract: when the framework is delayed, consumers remain stuck with today’s informal workarounds for sharing data, and Canadian innovators keep competing in a market where safe portability isn’t the default.

The Shift to Consumer-Driven Banking in Canada

Canada’s consumer-driven banking framework—often discussed under the umbrella of “open banking”—is entering a new phase: execution. At the Expo, Broten framed this shift in his Main Stage session, “Finishing takes leadership: Delivering Consumer-Driven Banking with urgency and confidence.” Speaking at Open Banking Expo Canada on March 5, Dan Broten, senior vice president and head of EQ Bank, argued that the country is now doing the “practical, detailed work of constructing a new piece of national economic infrastructure.”

That framing matters because it signals a change in what success looks like. The question is no longer whether consumer-driven banking should exist, Broten said, but how it must be designed to serve Canada’s “unique national interests.” In other words, the work is shifting from broad principles to operational decisions: standards, accreditation, liability, and the mechanics of secure data sharing.

Momentum is building as legislation advances, and 2026 is widely described as a “build year” for Canada’s consumer-driven banking. But Broten’s warning was blunt: progress to date only counts if it becomes tangible outcomes. Each month of delay, he argued, leaves consumers exposed to the risks of the status quo—particularly around existing data-sharing practices and fraud—while Canadian innovators struggle to compete on an even playing field.

The urgency is also comparative. Broten pointed to other jurisdictions that have already moved ahead on open banking, arguing their experiences offer lessons Canada should integrate quickly. Canada’s slower pace, he suggested, can be an advantage only if it enables better design choices—tailored to domestic needs—without becoming an excuse for indecision.

Canada’s Consumer-Driven Banking Momentum
– Event + date: Open Banking Expo Canada (March 5)
– Session title: “Finishing takes leadership: Delivering Consumer-Driven Banking with urgency and confidence.”
– Dan Broten (SVP and Head of EQ Bank): Canada is now doing the “practical, detailed work of constructing a new piece of national economic infrastructure.”
– Broten’s framing: “The debate has shifted from whether Consumer-Driven Banking should exist, to how it must be designed to serve our unique national interests.”
– Timing signal in-market: 2026 is widely described as a “build year” for Canada’s consumer-driven banking.

Key Components for Successful Implementation

Broten’s core message was that delivery requires leadership: not just to pass rules, but to make the system usable, safe, and scalable. In his view, the ecosystem’s challenge is to build something “fundamentally safer, more competitive, and more aligned with the interests of the Canadian consumer.”

Two pillars stand out in that blueprint. First is a trust framework—consistent standards, clear liability structures, and accountability for how data is handled. Second is data mobility: the ability for consumers to direct the sharing of their financial data in ways that unlock better products and services. These are not abstract ideals. They are the conditions that determine whether consumer-driven banking becomes a secure alternative to today’s workarounds, including insecure methods such as screen scraping.

Digital identity, meanwhile, is positioned as a practical enabler. Broten argued that consumer-driven banking, “particularly when aligned with stronger digital identity,” can create a more coherent system-wide defense—suggesting that identity and authentication are not side features, but foundational to reducing risk while expanding access.

End-to-End Delivery Blueprint
A practical delivery blueprint (what has to be true for the system to work end-to-end):
1) Trust framework (adoption prerequisite)
– Consistent security requirements across participants
– Clear accountability for data handling and incident response
2) Standards (buildability prerequisite)
– Common technical + operational standards so implementations don’t fragment
– Clear accreditation criteria so access is restricted to approved parties
3) Liability (participation prerequisite)
– Predictable responsibility when something goes wrong (so consumers know who to turn to, and providers can price/operate risk)
4) Data mobility (value prerequisite)
– Consumer-directed sharing that makes switching, comparison, and aggregation practical
– A path away from insecure workarounds (e.g., credential sharing/screen scraping)
5) Digital identity alignment (safety-at-scale prerequisite)
– Stronger authentication and consent assurance so “who is granting access” is reliably verified
– More coherent system-wide defense as data sharing expands

Trust Framework and Data Mobility

A consumer-driven banking system lives or dies on trust—because it asks people to permit the movement of their most sensitive information. Broten emphasized that meaningful progress depends on strengthening confidence in how financial data is shared and used.

That focus reflects a central promise of consumer-driven banking: shifting away from risky, informal data-sharing practices toward secure, permissioned access. In Canada’s emerging model, access is expected to be restricted to approved or accredited third parties, with responsibility clearly defined when something goes wrong. The point is not simply to “open” data, but to make sharing safer than the status quo.

Data mobility is the other half of the equation. If consumers can direct their data to new providers, competition becomes more than a slogan: it becomes a mechanism. The Competition Bureau of Canada has viewed open banking as a tool to increase affordability and competition by lowering barriers for new entrants and enabling portability. For a digital-first player like EQ Bank, that portability aligns with a broader push for consumer choice—where better rates, lower fees, or improved digital experiences can win customers without forcing them to rebuild their financial lives from scratch.

But mobility without guardrails can backfire. That is why Broten tied competition directly to trust: consistent standards and clear liability are what make portability viable at scale. Without them, consumers may hesitate to grant consent, and institutions may resist participation—slowing adoption and undermining the very benefits the framework is meant to deliver.

Role of Digital Identity

Digital identity is often discussed as a separate policy track, but Broten treated it as integral to consumer-driven banking’s security model. His argument is straightforward: when consumer-driven banking is aligned with stronger digital identity, it can enable a more coherent defense.

In practice, that means identity is not just about convenience—logging in faster or reducing friction. It is about strengthening authentication and reducing the attack surface that comes with fragmented, inconsistent verification methods across institutions and third parties. If consumer-driven banking is meant to replace insecure data-sharing practices, then the ecosystem needs a reliable way to confirm who is granting consent and who is receiving access.

This is also where “delivery” becomes more than a legislative milestone. A consumer-driven banking framework can be written into law, but it still needs operational building blocks that work across the ecosystem: institutions, technology providers, and third parties. Digital identity—when implemented in a way that supports secure consent and access—becomes one of those building blocks.

Broten’s emphasis suggests a broader design principle: Canada’s framework should not treat security as a compliance checklist. It should treat security as infrastructure—something that must be engineered into the system so that safer sharing becomes the default, not an optional upgrade.

Collaboration Among Stakeholders

Broten’s call for urgency came with a second requirement: coordination. Consumer-driven banking, he argued, can become “a unified, secure, and competitive-friendly ecosystem that is greater than the sum of its parts,” but only if the work is genuinely collaborative.

That collaboration spans four groups he explicitly named: regulators, institutions, technology providers, and policymakers. Each brings a different constraint. Regulators need enforceable rules and oversight mechanisms. Banks and financial institutions need operational clarity and manageable risk. Technology providers need standards that are consistent enough to build against. Policymakers need a framework that serves national interests while enabling innovation.

The practical implication is that design decisions cannot be made in isolation. A liability model that looks clean on paper may fail if it is unworkable for participants. Standards that are too vague may invite inconsistent implementations. Rules that are too rigid may slow innovation or limit consumer benefit. Broten’s emphasis on “practical, secure, and scalable” design is essentially a warning against frameworks that satisfy policy goals but fail in real-world deployment.

Canada’s slower progress compared with some international markets was framed as a potential advantage—an opportunity to learn from existing frameworks elsewhere. But Broten cautioned that this advantage only materializes if decision-making accelerates. Learning from others is not the same as waiting; it is a way to reduce mistakes while moving faster.

This is also where EQ Bank’s positioning becomes relevant. As a digital banking brand under Equitable Bank, EQ Bank has been vocal in advocating reforms that increase competition and consumer choice. In response to the federal government’s 2025 budget prioritizing financial innovation, Equitable Bank leadership argued that competition drives growth and opportunity, and that Canadians deserve more choice and better value. That stance aligns with Broten’s message: consumer-driven banking is not merely a regulatory exercise—it is an economic imperative tied to competitiveness, innovation, and consumer outcomes.

Building Consumer Confidence in Financial Data Sharing

Consumer-driven banking asks Canadians to do something that many already do informally—share financial data to access services—but to do it through a safer, standardized system. The challenge is that trust is not automatic. Broten argued that progress will only be meaningful if it strengthens confidence in how data is shared and used.

That confidence is especially important because the status quo carries known risks. Broten pointed to ongoing challenges in data-sharing practices and fraud, and warned that every month of delay leaves consumers exposed. In other words, the current environment is not neutral; it is actively risky. A well-designed consumer-driven banking framework is positioned as a way to reduce reliance on insecure methods such as screen scraping and move toward secure, API-based data sharing with consumer permission.

But consumer confidence is not built by telling people to trust the system. It is built by making the system legible: who has access, what they can do, how consent works, and what happens when something goes wrong. That is why liability and accountability are not technical footnotes—they are consumer-facing features. If a consumer cannot understand who is responsible, they will be less likely to grant permission. If a provider cannot predict its exposure, it may be less likely to participate.

There is also a product reality that shapes adoption. As industry voices have noted in the broader Canadian discussion, consumers do not adopt “open banking” as a concept; they adopt better financial experiences. That aligns with EQ Bank’s emphasis on tangible outcomes: the framework must translate into improved products and services, not just new compliance regimes.

EQ Bank has argued that consumer-driven banking can enable unified financial management—where Canadians can view accounts, spending, and investments in one app—improving visibility and control. Whether delivered by banks, fintechs, or partnerships, that kind of experience is the practical payoff that can make secure data sharing feel worthwhile.

Building Consumer Data Confidence
A consumer confidence checklist (what Canadians need to be able to see and understand):
– Consent clarity: what data is shared, for what purpose, and for how long
– Easy revocation: a clear way to stop sharing—and a clear expectation of what happens next
– Accredited access: only approved/accredited third parties can connect
– Liability clarity: who is responsible if data is misused or a breach occurs
– Security basics: strong authentication and secure connections that reduce reliance on credential sharing/screen scraping
– Auditability: logs or records that make access traceable (who accessed what, when)
– Plain-language support: a simple path to help if something looks wrong

Remembering Andrew Moor’s Legacy

Broten opened his Expo presentation by recalling how Andrew Moor—EQ Bank’s president and CEO, who died suddenly in June 2025—prepared each year for the event. The tribute was not only personal; it was used to anchor a philosophy about modernization and responsibility.

Broten described Moor as “one of the most thoughtful stewards” in Canadian banking, and emphasized Moor’s belief that innovation and safety are not opposing forces. In Moor’s view, competition and stability can reinforce one another—if properly structured. That idea sits at the heart of the consumer-driven banking debate: how to expand choice and data mobility without increasing systemic risk.

Moor also approached the topic as a long-term responsibility rather than a short-term policy objective. Broten said Moor saw modernization of financial infrastructure as a generational task requiring vision, patience, and commitment to the public good. That framing matters because consumer-driven banking is not a single product launch; it is a foundational change in how data, consent, and competition work across the financial system.

Broten distilled Moor’s “compass” into a consumer-first test: progress only matters if it strengthens the consumer banking experience or consumer confidence in the system. That is a high bar—and a useful one. It suggests that success should be measured not by the number of standards published or committees formed, but by whether Canadians actually experience safer sharing, clearer consent, and better outcomes.

In a moment when Canada is moving from design to delivery, Moor’s legacy—at least as Broten presented it—functions as a reminder that speed and safety must be pursued together. Urgency is not an excuse for shortcuts; it is a demand to build infrastructure that earns trust while enabling innovation.

Innovation Built on Stability
“Andrew believed deeply that innovation and safety, or soundness, were not opposing forces. He believed that competition and stability could reinforce one another when properly structured.” — Andrew Moor (as quoted by Dan Broten), President and CEO of EQ Bank
“He understood something fundamental. In banking, progress only matters if it strengthens the consumer banking experience or their confidence in the system.” — Andrew Moor (as quoted by Dan Broten)

The Future of Consumer-Driven Banking in Canada

Embracing Innovation for Enhanced Consumer Experience

If Canada’s consumer-driven banking framework is to serve national interests, it must translate into experiences that consumers can feel. The policy goal—consumer permissioned data sharing—only becomes meaningful when it enables better value, better tools, and better control.

EQ Bank’s broader positioning offers a glimpse of what that could look like in practice. As a digital-first bank, it has competed on low fees and product innovation, and it has emphasized the potential for unified financial management—bringing multiple accounts and financial views into a single experience. In a consumer-driven banking environment, those kinds of experiences become easier to build because data mobility reduces the friction of switching, comparing, or aggregating services.

Innovation also depends on ecosystem participation. EQ Bank has highlighted partnerships with fintechs and a platform approach to payments and services. Consumer-driven banking can amplify that model by standardizing how permissioned access works, allowing new entrants to compete on product quality rather than on their ability to navigate fragmented data access.

The broader promise is competitive pressure that benefits consumers: more choice, better value, and services that reflect modern digital expectations. But the framework must be designed so that innovation does not come at the expense of safety—echoing the principle Broten attributed to Andrew Moor: competition and stability can reinforce each other when properly structured.

Navigating Challenges in Implementation and Adoption

The hardest part of consumer-driven banking is not announcing it—it is implementing it in a way that is secure, scalable, and trusted. Broten’s repeated emphasis on urgency reflects a concern that Canada could get stuck between worlds: acknowledging the risks of the status quo while moving too slowly to replace it.

Implementation challenges cluster around the same themes: standards, liability, accountability, and security. A trust framework must be consistent enough to avoid fragmentation, and clear enough that participants understand their responsibilities. Without that clarity, adoption can stall—either because consumers hesitate to consent or because institutions hesitate to open access.

There is also the challenge of sequencing. Broten argued that digital identity can strengthen system-wide defense, implying that identity and authentication should be treated as core enablers rather than optional add-ons. If identity is weak, the system may struggle to deliver the confidence it promises.

Finally, adoption depends on outcomes. Consumers are unlikely to engage with consumer-driven banking because of regulatory milestones; they will engage because it makes their financial lives easier, safer, or cheaper. That puts pressure on the ecosystem—banks, fintechs, and technology providers—to deliver real products that justify the shift.

Canada’s opportunity, as Broten framed it, is to learn from jurisdictions that moved earlier while designing a system tailored to domestic needs. The risk is that “learning” becomes delay. The future of consumer-driven banking in Canada will be determined less by the ambition of its blueprint than by the discipline—and coordination—of its delivery.

Balancing Key Design Trade-Offs
Design trade-offs Canada will have to manage (without losing the consumer-first goal):
– Speed vs safety: moving quickly reduces exposure to today’s risky workarounds, but rushed standards/liability can create new failure modes.
– Standardization vs flexibility: tighter standards improve interoperability and trust; too much rigidity can slow product innovation.
– Portability vs fraud risk: easier data mobility can improve competition and consumer choice, but it raises the stakes for strong authentication, monitoring, and clear accountability.
– Learning from other jurisdictions vs indecision: borrowing proven patterns can reduce mistakes—if it accelerates decisions rather than postponing them.

This analysis is written from a product-and-infrastructure lens shaped by Martin Weidemann’s work building regulated fintech and payments systems, where consent, liability, and operational standards determine whether data-sharing frameworks succeed in real-world adoption.

This article reflects publicly available information at the time of writing, including remarks shared at Open Banking Expo Canada. Canada’s consumer-driven banking policy, standards, and timelines may change as legislation and implementation details develop. Any discussion of likely design elements such as accreditation and liability is intended to outline current direction and practical considerations, not to predict final rules.