At Interac, our innovation mission is grounded in a framework of trust that ensures innovation is inclusive, relevant and authentic. When we think about inclusive innovation, we seek diversity of thought, voices and perspectives. That’s one of the reasons we chose to support the Ted Rogers School of Management’s Reimagining Women in Leadership MBA Case Competition alongside The Global Institute for Conscious Economics.
The Case Competition, the first open banking case competition in North America, gathered MBA students from across Canada and the United States of America to explore digital disruption, data privacy, as well as business, government and consumer relationships.
Kashmera Self, AVP, Strategy & Emerging Solution Delivery at Interac and Case Competition Judge sees important opportunities for authentic and inclusive innovation arise from purpose driven events like this one.
“At Interac, we know diverse thoughts and perspectives lead to better outcomes and solutions,” she said. “But it’s about more than just being open to those voices. It’s about doing the work to learn from and engage with a myriad of diverse populations. That’s what will set the foundation for Canada’s competitive advantage in the innovation ecosystem.”
So, how did it work?
The challenge: Ted Rogers School of Management, working with Interac, issued a challenge to the Case Competition participants: what are the considerations in rolling out open banking in Canada or the United States of America?
Thirteen teams, each comprised of four MBA students, developed a recommendation for how to structure an open banking model to operate their chosen jurisdiction. Understanding several models exist globally, each with strengths and weaknesses, the presentations needed to evaluate the often complex and intertwined legal, regulatory, governance, participation and infrastructure landscapes.
How it was judged: A diverse group of 21 industry judges used specific criteria to judge each team’s understanding of open banking concepts and key issues. The judges also reviewed each team’s analysis and recommendation on how to move open banking forward in the chosen area. From fourteen teams, four advanced to compete head-to-head in the final round.
The outcome: Through the Case Competition, judges heard first-hand participants’ considerations about open banking, and challenges and opportunities unique to their perspectives.
Two Canadian teams, one from the Ted Rogers School of Management at Ryerson and the other from the Asper School of Business at University of Manitoba, tied for first place. Members of the winning teams received a 12-month mentorship opportunity through Women in Governance, a Canadian organization that advocates to support the advancement of women through concrete actions.
A foundation of inclusive innovation
The Reimagining Women in Leadership MBA Case Competition gave young leaders from diverse backgrounds an opportunity to connect with peers and industry leaders from across fintechs, financial institutions, government and not-for profit organizations, academia, and consulting and legal firms.
For Yudi Li, a member of one of the winning teams, the networking and mentorship opportunities were the most valuable part of the experience.
“My favourite part of the Case Competition was the opportunity to connect with industry leaders across FinTech companies, financial institutions, as well as the Government of Canada,” Yudi said. “Delivering our presentation in front of these industry experts is such a meaningful opportunity, especially knowing that our proposal may play a role in the implementation of open banking in Canada.”
Adding fresh perspectives to the open banking conversation
We recently sat down with industry leaders to discuss the future of a Canadian-made open banking framework. And while bringing 16 minds together is an accomplishment, we’re continuously seeking fresh perspectives.
“Through our work with the Ted Rogers School of Management, Interac provided our ecosystem partners a direct connection to those who will eventually be using these systems. Plus, we collectively helped challenge these future leaders who will influence the future of financial services in Canada,” Kashmera said.
In addition to being awarded mentorship opportunities, Dani Gomez-Ortega and Yudi Li and Diana dela Cruz and Nadine Pinette, MBA candidates and winners from the University of Manitoba and Ryerson University respectively, will also join Oscar Roque, VP, Strategy & Emerging Solutions at Interac, to discuss Diversity, Equity and Inclusion for Open Banking at the 2021 Canadian Open Banking Forum.
These unique perspectives and industry engagement, keeping in mind the Canadian consumer and businesses, is key as we continue to explore the possibilities of a Canadian-made open banking framework.