Two Steps Back
Sometimes in finance, it feels like you take one step forward, and two steps back. You start to see the innovation happening, everyone gets excited and then it gets pushed back. More consultations are needed or there has been a change and leadership and this crucial innovation is no longer a priority. I always joke with teams that FinTech is not for the weak, with long sales cycles, multiple hoops to jump through and scary (but necessary) regulation you have to be strong to build a FinTech company. While some will read that and think ‘no thank you, not for me!’ others will read that and be ready for a challenge, they will be ready to build the next big thing. Those are the people who enter the FinTech ecosystem.
I’m writing about this today because, during the last few days, I learned that Canada’s push towards open banking is delayed until the fall, a blow for anyone innovating in the FinTech space. When I saw the headline on my twitter feed I wasn’t surprised given everything that has been happening with COVID over the last few months but also felt disappointed. Pushing the timeline will put us further behind in this important infrastructure, innovation won’t stop, but there will be further ambiguity for those building and as a whole, we need clarity around this topic. We may be successful in flattening the curve, but as far as Open Banking is concerned, we’re now behind the curve.
I’m sure that most people in this industry saw this coming the second we locked down for COVID. We all knew it was coming, but for some reason, we just can’t seem to shake the feeling of let down we’re experiencing. Why stop pushing forward on something so critical? Now is the time for us to be innovating in key areas to help create a better economy and ecosystem for FinTech. I realize that I am a bit aspirational, but the opportunity ahead of us is too big to screw it up. We can make a change and we can help develop the tools to continue down this path of Open Banking with or without the consultation. So, why not push forward? Yes, I realize we are in the middle of a global pandemic and that Open Banking is probably the last thing on peoples minds right now, but it’s important to ensure that we are keeping up with the pace of innovation, that we are continuing to build as best we can so that when we do finally all resume business, as usual, we have the infrastructure in place to pick up and keep going along with our colleagues from other countries.
As I mentioned at the beginning of this post, FinTech is not for the weak. This is just another example of the setbacks that many people in this industry have faced. Delayed innovation, compliance issues and other delays. Yet as an ecosystem, we keep coming back for more. We keep on innovating day in and day out to ensure that we are creating a better tomorrow. Yes, this is a major set back for many, but there is still light at the end of the tunnel. As an industry, let’s put pen to paper (or fingers to keyboard if you will) and ensure our voices are heard. Innovation is just around the corner, it’s up to us to keep building it.
