4 banking changes to look out for in 2024, and one thing that likely won't change

financialpost.com:

The federal government approved Royal Bank of Canada’s $13.5-billion takeover of HSBC Canada in the waning days of 2023, despite concerns from critics that it will stifle competition. Banking customers will start to see how the acquisition, expected to close in the first quarter, shakes out.

Here’s a look at some of the other changes expected in Canadian banking in 2024:

The federal government in its fall economic statement said it would introduce legislation in its 2024 budget to establish an open banking framework.

Open banking, or what the government calls “consumer-driven banking,” would make it easier for Canadians and small businesses to safely share their financial data between services, including options such as budgeting apps. For example, a customer could pool all their various bank accounts into a single interface, making it easier to add and manage no-cost accounts or other products.

Many in the financial tech community have been pushing for the adoption of open banking to make it easier for consumers to switch bank accounts and try new services. British consumers, for instance, can tell their bank to switch their account over to a competitor, and all incoming and outgoing payment information such as automatic bill payment is transferred as well.

The federal Liberals had promised in its 2021 election campaign to have open banking in place no later than early 2023.

Consumer advocates have been pushing for years to bring back a single banking ombudsperson to resolve complaints since the two current options allow banks to choose which service they prefer, rather than what’s necessarily best for clients.

The federal government in its 2022 budget said it would bring in legislation to create a single complaints