Consumer-driven banking

The Canadian Government passed the Consumer-Driven Banking Act on March 26, 2026.
It is now law, however, the Government is still in the process of implementation, so FirstOntario is an early adopter. The initial phase is “read only” access to data, future phases will include ability to complete transactions.

Having already been implemented in several other countries such as the United Kingdom and Australia, open banking will offer Canadian consumers a more secure and convenient way to access the fintech services they desire. Consumer-driven banking is an additional service being offered, it’s use is at the discretion of the member – members chose whether they want to use it and with which fintechs to work with.

Consumer-driven banking is a more efficient and secure way to access online financial services and products.

The Government of Canada lists the overall benefits as:

• Increased access to financial products and services.
• Real-time access to accounts, products and services all in one place.
• Quick and easy access to personalized tools and products.
• Easily share credit information to loan providers by having information in one place.

Initially, FirstOntario will provide view only access to members – no transactions of any kind, and only to chequing and savings accounts.

By offering consumer-driven banking to our members, FirstOntario hopes to leverage its benefits to give members greater control of their data, increase security and tailored best-in-class products and services.

Continuing with its track record of being an innovator among the credit unions, FirstOntario is partnering with Everlink/Flinks to deploy this service enhancement to our members as it becomes available in the Canadian financial landscape.

Read more about this partnership

1. Greater control over financial data: consumer-driven banking gives consumers the legal right to control who can access their financial data, what data is shared, and for how long. Data sharing happens only with explicit consent and can be revoked at any time.
2. Why it matters: consumers will no longer be required to share usernames and passwords (screen scraping), which historically exposed them to fraud and loss of protections.
3. Better financial products and choice: by allowing secure data sharing, consumer-driven banking makes it easier for new providers (fintechs, credit unions and banks) to offer more tailored and competitive products, such as:
   • Better priced loans and mortgages
   • Personalized savings or budgeting tools
   • Faster account switching and onboarding.
4. Improved financial health and decision making: consumers can see all their accounts in one place, giving a complete picture of cash flow, spending, and obligations. This enables:
   • Smarter budgeting
   • Easier tracking of subscriptions and debt
   • More accurate affordability and lending decisions.
5. Faster, safer services: open banking enables real time data access and, in later phases, payment initiation, which supports:
   • Faster loan approvals
   • Instant bank to bank payments
   • Fewer intermediaries and lower transaction costs.
6. Stronger consumer protections: in Canada’s framework, regulated open banking replaces screen scraping with secure APIs and clear liability rules, reducing exposure to fraud when data is shared properly.

1. Stronger customer trust and security: financial intuitions, including credit unions and banks reduce reliance on insecure practices (like screen scraping) and operate in a regulated, auditable environment with standardized data sharing and consent management. This creates lower systemic risk and clearer lines of responsibility.
2. New revenue opportunities: consumer-driven banking allows financial institutions to:
   • Partner with fintechs
   • Launch new digital products
   • Monetize APIs and value added services

   This shifts banks from pure data holders to platform participants in a broader ecosystem.

3. Better customer insights (with consent): with permissioned access, banks can gain richer, more accurate data to improve:
   • Credit assessment
   • Personalization of offers
   • Risk management and fraud detection.
4. Increased efficiency and lower costs: consumer-driven banking streamlines:
   • Customer onboarding (less paperwork)
   • Account verification
   • Lending decisions

   This reduces operational costs and speeds up service delivery

5. Competitive positioning in a changing market: consumer-driven banking forces institutions to compete on experience, pricing, and innovation, not just on inertia. While this increases competitive pressure, it also helps agile institutions attract and retain customers with better digital experiences.

Bottom line summary

For consumers:

• More control, better choices, safer data sharing, and improved financial outcomes.

For financial institutions:

• Stronger security, innovation opportunities, operational efficiencies, and new ways to compete and grow.

Consumer-driven banking will share an individual’s financial data with fintech apps (of the member’s choosing) in a secure and convenient way. As it relies on a secure online channel, a person’s banking information will not need to be shared – reducing the risk of fraudulent transactions.

It will also eliminate the need for screen scraping, a practice where fintech companies copy and store your banking login as a workaround to access your financial data. By eliminating this practice, the member’s information will be less vulnerable to criminals trying to access it.

Members initiate the consumer-driven banking process through a third-party financial institution that they have consented to connect to their FirstOntario data. Members can manage which third-party financial institutions they have consented to through FirstOntario’s online banking platform. Once logged in from the menu on the left-hand side select Account Services, then choose Flinks Consent Management and then follow the instructions.

Initially EQ Bank and Aviso Wealth are the third-party financial institutions that a member can connect from. Screen scraping will still be the available option for other financial institutions.

The member has complete control over who the data is shared with through consumer-driven banking. Only the member can grant consent and the member can revoke or reinstate that consent at any time.

Changes a member makes to their email will not be reflected instantly, so a member’s ability to receive the two-step verification code (2SV) that is required for log-in, will be delayed until the change is processed. Changes made before 4:00 p.m. will be processed on the same day by 8:30 p.m. Any changes after 4:00 p.m. will be processed the following business day at 8:30 a.m.