Facilitating open banking in Canada

Video feature

13 September 2017

Visitors to Efma’s learning expedition in Toronto will be welcomed by Canadian fintech Flinks. In an interview with Efma, Eric Morin, vice president of marketing at Flinks, discusses the challenges open banking presents to banks, and why Canada is a hotbed of fintech growth as this new business model takes shape.

Morin discusses how fintechs are positioned to help banks meet the challenge of open banking by delivering the API-enabled solutions that enable the transparency, personalisation and connectivity customers expect. “When we talk about open banking we’re talking about bank customers,” he says. “Banks are working hard to innovate and to give a better experience to their customers, but they are still not there. So fintechs are coming into that environment to take care of the gaps that are left, to give a better customer journey to clients.”

Flinks illustrates the considerable opportunities for fintechs in the Canadian financial industry. It was launched in December 2016 to fill the need for a reliable, accessible aggregator that would enable bank customers in Canada to connect to their banks using apps. “The main challenge for users of financial apps is to connect their apps to their financial institutions,” says Morin. “Flinks, with its API, is building that bridge between the app and the numerous bank accounts. We’re giving the consumer the chance to be able to connect to his bank account in a few seconds, without any problems.”

Flinks is now connected to 98% of the banks and credit unions in Canada and it already numbers one of the Big Five banks among its clients “this bank is producing its own apps and they want to use Flinks to permit their customers and clients to connect those banks apps to their account,” explains Morin. “We’re working with this bank to facilitate all these interactions between consumers and their bank accounts, but also other bank accounts because this specific bank is open to doing business with other financial institutions. Flinks is there as a facilitator.”

Visit the EfmaChannel on YouTube to see the full interview with Eric Morin from Flinks

View the Toronto Learning Expedition program and register here

Keywords : API/Open banking , Fintech , Digital/Mobile channels

Geography : Canada