In an exclusive interview with CanadianSME Small Business Magazine, Abhishek Sinha, Partner at EY Canada and leader of the Technology Strategy practices for Financial Services, sheds light on the transformative potential of open banking for small and medium-sized businesses (SMBs). With over a decade of experience in technology and innovation management, Abhishek discusses the key trends shaping open banking in Canada, the challenges SMBs face, and the steps financial service providers can take to build trust with their clients. From enhancing operational efficiency to unlocking personalized financial solutions, Abhishek’s insights reveal how open banking can drive growth and create new opportunities for Canadian SMBs. His vision for the future of financial services underscores the need for stronger regulations, innovation, and ecosystem collaboration to foster adoption and ensure lasting success for SMBs in the evolving digital economy.
Interview By Sk Uddin
Abhishek leads the EY Technology Strategy practices for Financial Services, including strategy development, portfolio management, agile transformation programs, digital transformation and innovation management.
He works with organizations as they undertake their transformation journeys from DevOps and agile adoption to re-architecting their operations and technology to embracing a culture of innovation and new business models.
In addition, he leads the national EY blockchain practices across the consumer, supply chain, health care, financial services, energy and public sectors as well as the development of EY public financial management platform globally.
Abhishek earned an MPIB in Finance from the Indian Institute of Foreign Trade, a Project Management Professional certification from the Project Management Institute and a bachelor’s degree in Management Science and Finance from the University of Lucknow, India.
How Abhishek is building a better working world
“I am building a better working world by helping to build customer advocacy based business models that create a competitive advantage for clients.”
Your leadership at EY Canada has focused on technology transformation within financial services. What are the most significant trends you’re seeing among SMBs regarding their adoption of open banking, and how do these trends differ from those in personal banking?
SMBs
For small and medium-sized businesses, open banking creates real financial advantages, which translates into clear value for their day-to-day operations. At its core, it gives SMBs more efficient tools to manage cash flow, strengthen liquidity, and accelerate growth. Trust is key, once businesses know their data is secure, used only with consent, and tied to better outcomes, they are eager to take advantage of what open banking makes possible.
The benefits are already coming into focus. Optimized bill payments make managing expenses simpler, faster account funding keeps businesses moving, and seamless money transfers within Canada reduce friction. For those with international reach, real-time remittances and streamlined cross-border payments help cut delays and costs. These improvements allow businesses to focus less on administrative burdens and more on expanding their operations.
SMBs see open banking as a driver of efficiency and growth. Because it delivers those outcomes, open banking is quickly becoming a cornerstone of how Canadian businesses think about their financial future.
Personal Banking
In personal banking, open banking is gaining traction because it helps consumers feel more in control of their financial lives. Security, data control, and trust are the top priorities, and people want services that keep their information safe while delivering real convenience. Canadians are already showing strong demand, an estimated nine million are connecting their accounts through third-party tools, and regulated open banking will make that experience more secure and reliable. The real draw for consumers is simplicity and personalization. They want faster bill payments, easier transfers, and tools that make everyday finances less stressful. At the same time, personalized services like tailored alerts or proactive insights give people a sense that their bank truly understands them. When these improvements are delivered with security and privacy at the core, consumers are eager to participate. For individuals, open banking is about having safer, smarter, and more streamlined ways to manage money.
The latest EY Canada Open Banking Survey highlights the importance of security, data control, and trust for Canadian consumers and SMBs. What concrete steps can financial service providers take to overcome these barriers and build trust with their SMB clients?
Building trust with SMBs in open banking starts with clarity, control, and accountability. Businesses are more willing to share data when they see exactly how it will be used, and shared, and when safeguards are in place to protect the data. That means financial service providers need to go beyond broad assurances and provide practical tools that make trust tangible. The first step is giving SMBs clear, simple consent mechanisms, which are tools that allow them to see what data they are sharing, why it is being shared, and with whom. Consent should be precise and transparent, so businesses always feel in control. Alongside that, providers should make the purpose of data use transparent to SMBs, showing them how sharing data benefits SMBs in a myriad of ways with improved offerings, including faster payments, easier access to credit, or improved financial products.
Strong security standards are critical, but they must be paired with accountability. If something goes wrong, SMBs need a straightforward redress process so they know they are protected against misuse or bad actors. Finally, aligning with consistent technical and regulatory standards across the ecosystem will give businesses confidence that protections are not just promises but embedded in the system. When providers deliver these safeguards, SMBs see open banking as a great opportunity.
Personalization and simplification were identified as key value drivers in your research. How can technology and innovation help SMBs achieve more tailored financial solutions, and what role does open banking play in this journey?
Personalization and simplification are powerful levers for SMBs, and open banking makes both possible by unlocking data-driven innovation. When financial information from banking, tax, and payroll systems can be securely consolidated, it removes friction from everyday processes and gives businesses a clearer picture of their financial health. This enables providers to deliver tailored solutions such as optimizing cash flow, reminders to manage payables, and insights that help businesses plan with greater confidence. One of the most practical benefits is access to credit. By analyzing real-time cash flow data, lenders can extend loans that better reflect the true performance of a business. That creates more predictable service offerings and helps SMBs secure the capital they need to grow.
Technology also enhances core functions such as bill payments, domestic transfers, and customer service, making them faster and more reliable. Open banking can be a catalyst for innovation, fostering competition and giving providers the tools to design solutions that put SMBs first. As adoption grows, the outcome will be financial services that are more seamless, responsive, and closely aligned with day-to-day business needs. By turning data into actionable insights, open banking has the potential to transform routine transactions into opportunities for growth and resilience.
Regulation, industry-wide standards, and ecosystem collaboration are all seen as essential for evolving Canada’s open banking landscape. From your perspective, what is needed to accelerate meaningful adoption among SMBs in Canada?
Accelerating adoption of open banking among SMBs in Canada rests on creating a trusted framework that combines security, data control, and clear rules. SMBs want certainty that their information will be used only for its intended purpose, that they can revoke access whenever necessary, and that strong protections safeguard against identity theft and misuse. To facilitate this process, Canada needs strong regulations that establish common standards and clear rules for data sharing. Creating a structured ecosystem that includes accreditation for participants will help ensure that all parties involved are trustworthy. By addressing these areas, we can significantly enhance the adoption of open banking among SMBs in Canada.
FinTechs are ready to build value propositions for SMBs, from smarter lending to more seamless cash-flow tools. A regulatory environment that accelerates the development of a national trust framework, establishes liability rules, and sets consistent technical standards will unlock innovation. With those elements in place, financial service providers can scale solutions more confidently, giving SMBs the trust and predictability they need to participate fully in open banking.
To conclude, what advice would you give to small and medium-sized business leaders looking to navigate open banking’s opportunities and challenges in the years ahead?
SMB leaders can navigate open banking to make their businesses more competitive by focusing on education, evaluation, and participation. Education comes first, understanding how open banking works, what protections are in place, and how new services can strengthen cash flow and growth. Many financial institutions are already providing programs to help businesses get up to speed. With more providers entering the market, SMBs should assess which partners integrate well with their existing systems and simplify their financial operations. Solutions that reduce friction, such as those that consolidate data across banking, payroll, and tax, or that streamline payments, or offer insights for better decision-making allow SMBs to use open banking to improve their business operations. By choosing providers that simplify the business of doing business, SMB leaders can turn open banking into a competitive advantage and position themselves for long-term success.
Disclaimer:
The views and opinions expressed in this interview belong solely to the interviewee and do not necessarily reflect those of CanadianSME Small Business Magazine. Our mission is to share authentic stories and insights to inspire and empower Canada’s small business community while promoting diversity, equity, and inclusion in the workplace.
