Today, it’s hard to do anything without growing our digital footprint. Every show we watch, every payment we make, even our literal steps as we walk our kids to school — the data from our daily lives can be collected, analyzed, and used to guide our future decisions.
Sounds a bit nefarious, doesn’t it? But it’s not all bad — far from it. My streaming service feed serves up documentaries I didn’t know I wanted to watch. My financial apps keep me on track with alerts about my investments and spending. My smartwatch reminds me to take a break and stretch after long meetings.
And yet, as convenient as these tools are, they leave me with bigger questions: Who controls the data in this era of personalization? How do we ensure transparency and fairness in how companies use customer data? And most importantly, how do we empower Canadians to navigate this new digital landscape with confidence?
As Interac celebrates its 40th anniversary, I’m struck by how much has changed in the way we interact with our finances. Over the decades, we’ve seen innovation transform simple payments into sophisticated, data-driven tools that are intended to give people more control over their financial lives. At the heart of this transformation is trust — a theme that’s been central to my career. Trust isn’t built overnight; it requires transparency, accountability, and empowerment. Without trust, personalization risks becoming a tool for manipulation instead of growth.
When done right, personalization is about more than convenience. It’s about delivering services that genuinely meet people’s needs. But relevance requires data. Every time we use a streaming platform, shop online, or make a payment, this information is processed and often applied to create personalized experiences. In a perfect world, this data-driven approach would create equal value for everyone — tailored, frictionless services for consumers, and higher engagement and loyalty for businesses.
But here’s the challenge: as personalization grows, so do concerns about how much data is collected, how it’s used, and whether we as consumers are truly in control.
To make personalization work for everyone, we need more than transparency — we need data literacy. It’s not enough to give Canadians control over their data; they need to understand what they’re sharing, why it matters, and how they can use this knowledge to their advantage.
I know this can feel overwhelming. The sheer amount of data generated every day creates a kind of “decision fatigue,” where people get overwhelmed, trust erodes, and adopting new tools and technologies becomes harder. That’s why companies need to go further, simplifying how data is used and creating tools that are intuitive and accessible.
There’s also a tremendous opportunity here. Imagine if personalization didn’t just make life easier but also acted as a financial coach. AI could analyze your spending, flag unnecessary expenses, and suggest ways to save or invest. A bot could say, “Debbie, if you skip your morning cappuccino, you’ll reach your savings goal three months faster.” Turning raw data into actionable advice could transform how people engage with their finances.
At Interac, we’ve seen firsthand how financial literacy can change lives. That’s why we’re collaborating with organizations like Conscious Economics to spark conversations about money management and provide tools to help Canadians make better decisions. As household debt in our country continues to rise, these conversations are more important than ever.
Our mission goes beyond personalized payment tools. We’re here to empower consumers with the knowledge and confidence they need to use these tools wisely. Whether it’s enabling secure, flexible transactions or offering educational resources, our goal is to create a financial system where personalization serves Canadians — not the other way around.
So, how do we strike the right balance between personalization and privacy? It starts with transparency. Companies must be clear about how they use data and offer meaningful choices about how it’s shared. This includes giving customers the ability to revoke consent and make decisions based on a complete picture of their options. This is a key promise of open banking initiatives around the globe, and the long awaited 2024 Fall Economic Statement in Canada highlights the importance of empowering consumers by allowing them to securely share their financial data.
But transparency alone isn’t enough. We also need tools that make it easier for people to take action. Just as open banking in Europe has given consumers greater control over their financial data, we can create systems here in Canada that prioritize user empowerment, whether it’s through real-time budgeting tools, tailored financial advice, or new data-sharing models that align business incentives with customer needs.
The possibilities are endless. Imagine a world where your smartwatch doesn’t just track your steps but helps you save for a family vacation. Or where your financial app doesn’t just remind you to pay a bill but offers insights into how to lower your monthly energy costs. These tools don’t just make life easier; they make financial literacy accessible, helping people achieve their goals with confidence.
