Canada’s financial sector is at a pivotal juncture. With the federal open banking mandate set to take effect by 2025, Canadian financial institutions are facing a new era of opportunity and challenge. The mandate is more than a regulatory requirement—it’s a catalyst for industry-wide transformation, compelling banks to modernize their core systems, reimagine customer experiences, and navigate a complex landscape of privacy and compliance.
At Publicis Sapient, we understand that Canada’s journey is unique. Our deep local expertise, combined with global experience, positions us to help Canadian banks not only meet regulatory deadlines but also unlock new value through digital innovation.
Open banking is reshaping the way Canadians interact with their financial institutions. By enabling secure data sharing between banks and accredited third parties, open banking promises to deliver more personalized, competitive, and transparent financial services. However, the path to open banking is not without its hurdles:
Publicis Sapient’s approach is to turn these challenges into opportunities. We help clients move beyond mere compliance, leveraging open banking as a springboard for new products, services, and business models that put the customer at the center.
Legacy core systems are a significant barrier to innovation. They limit the ability to launch new products quickly, integrate with fintech partners, and deliver the seamless digital experiences customers now expect. Modernizing the core is essential for:
Our proven methodology for core modernization—rooted in strategy, engineering, and customer experience—enables Canadian banks to migrate to cloud-native, API-first platforms with minimal risk and disruption. This transformation unlocks the full potential of open banking and sets the stage for ongoing digital innovation.
Canada’s regulatory environment is distinct, with stringent privacy laws and a strong focus on consumer protection. Publicis Sapient helps clients navigate this landscape by:
Our approach ensures that compliance is not a roadblock, but a competitive advantage—enabling banks to differentiate themselves through responsible data stewardship.
Canadian consumers increasingly expect banking experiences that are as seamless and personalized as those offered by leading digital brands. Cloud adoption is the engine that makes this possible. By migrating to the cloud, banks can:
Publicis Sapient’s cloud transformation services are tailored to the Canadian market, ensuring that banks can harness the power of the cloud while meeting local regulatory and privacy standards.
Our work with Canadian financial institutions demonstrates the tangible benefits of digital transformation:
The open banking mandate is just the beginning. With the right strategy, technology, and partner, Canadian financial institutions can turn regulatory change into a launchpad for innovation, growth, and customer loyalty.
Connect with Publicis Sapient’s Canadian financial services experts to start your digital transformation journey today—and build the bank of the future, right here in Canada.