National Institute on Ageing Submission on the Consumer-Driven Banking Framework

As Canadians increasingly turn to digital financial services, protecting the security and privacy of their financial information is more important than ever. In a submission to the Department of Finance Canada, the National Institute on Ageing (NIA) has provided feedback on proposed Consumer-Driven Banking Regulations under the Consumer-Driven Banking Act.

The NIA highlights the risks of screen scraping, a practice that requires consumers to share their online banking credentials with fintech companies to access financial services. While screen scraping can make digital financial tools more convenient and accessible, it can also expose consumers to privacy, security and liability risks—particularly when it is unclear who is responsible if information is compromised or unauthorized transactions occur.

The NIA welcomes the proposed consumer-driven banking framework as an important step toward addressing these concerns. By enabling financial information to be shared through secure, regulated application programming interfaces (APIs), the framework has the potential to strengthen consumer protections while supporting innovation and greater choice in financial services.