AI-Driven Banking Revolution vs Traditional Banking Sectors: The Battleground for Financial Dominance in the Age of Artificial Intelligence
The Open Banking Expo Canada 2025, taking place on June 17, is set to explore the transformative impact of Artificial Intelligence (AI) on the financial services industry. One of the key highlights of the event will be a Fireside Chat led by Bhuvan Anand, Director of Presales and Solutions at GFT Canada.
GFT, a pioneer in Open Banking innovation, combines global depth with Canadian market expertise to drive this transformation. The company enables financial institutions to embrace disruption and lead confidently into the future, covering areas such as embedded finance and data monetization.
The Fireside Chat, scheduled for 12PM on the Open Finance Stage, promises bold perspectives and practical insights on how AI is reshaping the balance of power in financial services. Bhuvan Anand, with over 19 years of experience in capital markets, digital strategy, and large-scale transformation, will lead the discussion.
The event highlights that AI and machine learning are key enablers in this transformation, driving innovation and competitive advantage within the new API-driven open banking framework. Iris Software, a partner at the Expo, emphasizes their role in accelerating digital transformation through AI, automation, cloud, and data science, which together enhance decision-making and scalability for banks and payments providers.
The future of finance is being shaped through real-time APIs, AI-powered insights, and a high-stakes race to control financial data. A new power struggle is emerging between Big Tech and traditional banks in the context of advancing AI and Open Banking. Big Tech is armed with massive datasets, agile platforms, and scalable machine learning.
The Fireside Chat will offer strategies for banks, credit unions, and fintechs to stay competitive in a platform-driven world. It will also discuss whether Open Banking is levelling the playing field or creating new divides. Traditional banks are pressured to modernize and overcome legacy constraints. Major banks across Europe and the Americas have partnered with GFT to build secure, compliant, and AI-driven platforms.
The Open Banking Expo Canada 2025 features an agenda, speakers, and exhibition floor that can be found by clicking here. Don't miss this opportunity to learn about the next wave of financial innovation and gain insights into how AI is reshaping the financial services landscape. The discussion will centre on how AI, combined with open banking and API ecosystems, is reshaping the industry by enabling connected ecosystems where data moves securely and value moves instantly. Industry leaders from major Canadian banks like BMO, TD, RBC, and Scotiabank debated how these technologies transform financial services by enhancing data quality, platform efficiency, user experience, insight extraction, and regulatory compliance, shifting power toward more open, integrated, and technologically advanced participants in the sector.
The event also showcases how leading banks are leveraging AI to personalize client experience and gain competitive leverage. RBC’s proprietary AI Foundation Model, introduced shortly after the event, exemplifies this trend, reinforcing the idea that AI shifts the balance of power by enabling deeper customer insights and faster service innovation.
In sum, the key takeaway from the Open Banking Expo Canada 2025 is that AI acts as a catalyst within open banking ecosystems, redistributing power by enhancing connectivity, security, and intelligence across financial services players, thereby fostering a more dynamic and competitive landscape.
- Bhuvan Anand, a veteran in capital markets and digital strategy, will lead a Fireside Chat at the Open Banking Expo Canada 2025, discussing the transformative impact of AI on the financial services industry.
- GFT Canada, a leader in Open Banking innovation, is scheduled to participate in the event, offering insights into how financial institutions can embrace disruption led by AI, embedded finance, and data monetization.
- The Open Banking Expo features a diverse range of speakers, with industry leaders from major Canadian banks like BMO, TD, RBC, and Scotiabank, discussing the role of AI and open banking in enhancing data quality, platform efficiency, user experience, insight extraction, and regulatory compliance.
- AI and machine learning are identified as key enablers in the transformation driven by open banking, with players like Iris Software emphasizing their role in accelerating digital transformation through AI, automation, cloud, and data science.
- The expo will highlight how leading banks are leveraging AI to personalize client experience and gain competitive advantage, with RBC's AI Foundation Model serving as an example of this trend.
- The Fireside Chat and various discussions at the Open Banking Expo Canada 2025 aim to address whether open banking is leveling the playing field or creating new divides, particularly in the context of Big Tech and traditional banks competing in the realm of AI.
- Big Tech, armed with massive datasets, agile platforms, and scalable machine learning, is posing a significant challenge to the traditional banking sector, contributing to a high-stakes race to control financial data.
- The open banking framework, powered by real-time APIs, AI-powered insights, and AI-driven platforms, is set to reshape the financial services landscape, fostering a more dynamic and competitive environment for banks, credit unions, fintechs, and global businesses.
