Womens hand using mobile phone on the bokeh background

The majority of Canadians are wary of open banking and the potential privacy issues that could arise from the increased sharing of their financial information with third parties such as retailers and tech firms, according to Accenture survey results released Wednesday.

The survey found three quarters (75%) of Canadians had concerns with the concept. Sixty-two percent were worried about the security and privacy of their data, 51% had concerns about trusting large tech companies with their financial information, and 44% had doubts that open banking would deliver enough value to drive positive behaviour change.

The survey also found that these fears could be quelled through measures including additional access procedures like passwords and security questions (34%), fingerprint or facial recognition (33%) and real-time analysis of spending to ensure it conforms to normal patterns (32%).

Bob Vokes, the lead of Accenture Canada’s financial services practice, said in a statement that open banking could be a boon to consumers. “For example, by providing a lender with a holistic view of a borrower’s financial position,” he said, “open banking could lead to faster approval rates, a higher loan amount or even a better interest rate.”

Accenture suggested public education on open banking to influence consumers’ perception and adoption of the technology.