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Forget Bank Product Shelves – Let’s Strive for Open Banking

“People need a consolidated approach, and they really want a consolidated view of their affairs,” Gillespie said, noting that banks have already consolidated that information across their institutions.

He said that banks were expected to reduce their product shelves for customer-centric reforms as they must keep a sharp eye on everything, but what is even more frustrating is that they hold onto everyone’s data. Therefore, it cannot be integrated into OpenBanking.

“I think we need to have access to all of our data,” Gillespie said, noting that other countries like Australia, the United Kingdom and the United States allow this, so customers have a consolidated list of their accounts, investments and investments. Snap-shot. RRSPS, TFSA, Mortgage, and Insurance. This provides them with a real-time overall picture, which is no longer an easy option for Canadians.

“Everyone wants to know how they’re doing. But, who has time to put together a spreadsheet?” Gilles said. “We need something where you can just click here and get your credit card, your investments, and your line of credit, so you know if you’re getting the best product. I just want to make sure that Consumers have a choice other than bank mortgages, bank investments, bank loans and all that stuff.

“We are far behind the rest of the world on this subject, so I hope we get there,” Gillespie said. “I want to be able to consolidate all the different stuff I give advice, but consumers should have access to it themselves, if they want it.”

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