The Digital Governance Standards Institute (DGSI) has launched a periodic maintenance review of the National Standard of Canada, CAN/DGSI 110-1:2022, Open Finance – Part 1: Customer Experience.
This standard outlines comprehensive requirements for planning, designing, developing, implementing, maintaining, and improving the customer experience within the open finance ecosystem. It serves as a foundational guide for ensuring that Canadians can access and share their financial data in ways that are secure, transparent, and centered around their needs and preferences. By addressing critical elements such as user journey design, consent management, data portability, and security protocols, the standard helps financial institutions, fintech companies, and third-party providers build systems that foster customer trust, enhance usability, and safeguard privacy at every stage of interaction.
With open finance rapidly transforming the financial services landscape, this review plays a vital role in ensuring that the standard continues to reflect the latest best practices, technologies, and customer expectations.
Why This Matters
Open finance empowers individuals and businesses to securely access and share their financial data across banks, credit unions, fintechs, and third-party providers, driving innovation and competition in the market. But at its heart, open finance is about trust and customer control.
CAN/DGSI 110-1 provides organizations with a robust framework to:
- Ensure clear, intuitive, and fair customer journeys
- Implement strong authentication, authorization, and consent practices
- Support seamless data portability and interoperability
- Protect customer privacy and enhance transparency
- Maintain high standards of security and consumer protection
As technologies evolve and customer expectations rise, maintaining and reviewing the standard is key to keeping Canada’s open finance ecosystem aligned, effective, and forward-looking.
Share Your Expertise
We invite financial institutions, fintech companies, policymakers, consumer advocates, and industry experts to participate in the periodic maintenance review and help shape the future of open finance in Canada.
Your insights and feedback are critical to ensuring that CAN/DGSI 110-1 continues to serve as a trusted guide for improving customer experience and advancing innovation across the financial sector.
Visit the DGSI website to learn more about CAN/DGSI 110-1, its scope, and how you or your organization can actively contribute to the ongoing review process.
Get involved
The DGSI’s development process is collaborative and open to all, and anyone interested in contributing to the development of digital governance standards is encouraged to get involved. For more information on how to participate, contact:
Darryl Kingston
Executive Director
Digital Governance Standards Institute
darryl.kingston@dgc-cgn.org
For further details or media inquiries, please contact:
Shyra Wells
Communications and Knowledge Mobilization Lead
Digital Governance Council
shyra.craig@dgc-cgn.org
About the Digital Governance Standards Institute
The Digital Governance Standards Institute develops digital technology governance standards fit for global use. The Institute works with experts, as well as national and global partners and the public to develop national standards that reduce risk to Canadians and Canadian organizations adopting and using innovative digital technologies in today’s digital economy. The Institute is an independent division of the Digital Governance Council. To learn more about the organization and its initiatives, visit www.dgc-cgn.org or contact info@dgc-cgn.org.