The Canadian Bankers Association has submitted its response to the Department of Finance’s second consultation paper on the review of the federal financial sector framework.  The response which could move Canada’s financial system closer to more open integrations with platforms offered by fintechs and large technology firms (Apple or Alphabet) to offer financial services.

In a nutshell, the CBA is urging a level of caution.

“Banking is evolving at record pace. It’s critical that the legislation governing the industry reflects this reality and facilitates the investments in technology that will keep Canada a leader in financial services innovation,” said Neil Parmenter, President and CEO of the Canadian Bankers Association. “The federal government is taking important steps in this consultation to modernize the banking ecosystem that will carry Canada into the future and benefit all stakeholders.”

But the CBA also states that there is more than just caution being advised they highlight the following:

• Clarifying the scope of technology-related activities banks can engage in
• Facilitating collaboration between banks and fintech companies
• Easing the regulatory burden and capital expectations of small and mid-size banks
• Creating a new cybersecurity strategy and making Canada a global leader in the field
• Supporting a dedicated consumer protection framework under the oversight of the Financial Consumer Agency of Canada.

In a fast moving world, perhaps speed for speed’s sake should not be the prevailing thought framework.  At least not in Canada.