As we begin a new year, the financial services industry enters 2026 with a framework for progress. Though significant regulatory questions remain unresolved, it is time for optimism. A time for challenger banks, fintechs, traditional financial services partners and our national and provincial regulators to harness the moment and translate policy advances into practical benefits for Canadians.
If 2024 was the year Canadian banking talked about transformation, 2025 was the year we started building momentum. This past year delivered meaningful progress on initiatives like affordable banking, access for payment modernization, and open banking, all of which had long seemed stuck in bureaucratic limbo and anti-competitive pantomime.
One of the most significant developments of 2025 was action on open banking. After years of consultation papers, pilot programs, and cautious deliberation, Canada moved closer to implementing a consumer-driven banking framework. This puts us on the path of jurisdictions like the UK and Australia, where open banking has already reshaped how consumers interact with their financial institutions.
Industry, government and regulators must drive this forward. Failure to do so means continuing to underserve those who want, and need, better access to more competitive financial services. Progress requires putting customers at the centre, sustained accountability and a collaborative lens to address technical, legal, and institutional concerns.
Equally important is continued progress on real-time payments infrastructure. In an era when we can send a message around the world instantly, waiting times for payment settlement feel increasingly absurd. Real-Time Rail, or RTR, has moved into a sandbox for industry engagement. With it comes the promise of modernizing a payment system that has lagged consumer expectations. Real-time payments will benefit everyone, but they will be particularly transformative for small business cash-flow, increasing bill payment speed and transparency and lowering administrative and back-office costs. By reducing settlement times, we also increase the velocity of funds, which means more working capital for our economy.
There is also room for continued advancement on digital payment innovation. Last year, stablecoins emerged as a topic of serious conversation moving beyond the speculative fringes of cryptocurrency into legitimate discussions about payment infrastructure. Stablecoins are poised to introduce a new dimension to the payment’s ecosystem, with the potential to act as alternative channels alongside traditional payments rails. A key driver of this conversation is Canadian dollar sovereignty. As US-based stablecoins gain traction globally, there is growing recognition that Canada needs homegrown alternatives. Canada has the technology foundation to support these innovations. Our platforms for crypto custody and e-gaming applications share underlying architecture with the requirements for stablecoin integration. We can enable Canadian stablecoins to operate safely and transparently.
Finally, 2026 should be another year of advancement in digital banking platforms. Challenger banks and fintechs are pushing the envelope on user experience. The result? Traditional institutions must raise their game to meet consumer and business expectations for seamless mobile interfaces, instant notifications, and personalized financial insights as standard features. Those who fail to invest in these capabilities will lose ground.
The year ahead won’t be without challenges. Economic uncertainty persists, and implementing these changes will require sustained commitment from regulators, institutions, and technology providers alike. But the foundation has been laid and we should be optimistic that progress is possible when stakeholders align around shared goals.
John Landry is President and CEO of Peoples Group, bringing over 30 years of international financial services leadership across banking sectors in the U.S., Canada, Australasia, and Europe.