On the first weekend of February, over 60 students gathered for Ivey Fintech’s 11th annual Technology Consulting Competition (TCC) at Ivey Business School, where they tackled one of the most pressing topics in financial technology: open banking. With financial institutions increasingly adopting data-sharing models to enhance consumer choice and competition, students were challenged to develop strategic recommendations for Banxx, a next-generation open banking platform (developed by AssetDirect) looking to expand into the U.S. market.
With participation from firms like Scotiabank, BCG, and EY, as well as the Ivey faculty, the competition gave students an invaluable opportunity to sharpen their analytical, problem-solving, and presentation skills. Participants represented top universities, including the University of Toronto, the University of Waterloo, Western University, and Ivey Business School.
Day 1: Virtual Case Release and Client Introduction
The competition kicked off on Saturday, February 1st, with a virtual workshop introducing participants to the fundamentals of consulting case competitions. Their case: formulate a strategic plan for Banxx’s expansion into the highly regulated and competitive U.S. open banking market.
To provide deeper insight into the challenge, Adam Rice, CEO of Banxx & AssetDirect, joined the session for an hour-long introduction to the company’s expansion goals, the opportunities in the U.S. open banking market, and the unique capabilities of Banxx’s AI-driven platform. This interactive session provided a rare opportunity for students to engage with a fintech industry leader, offering valuable real-world insights into the complexities of cross-border financial services expansion.
Participating Students at the Technology Case Competition
Day 2: In-Person Competition
Competitors arrived on Sunday ready to put their strategies to the test—only to encounter an unexpected case twist.
As teams were finalizing their solutions, they learned that a six-month regulatory delay had been imposed by the Consumer Financial Protection Bureau (CFPB), affecting Banxx’s ability to launch in the U.S. As a result, teams were required to pivot quickly, and had to address how Banxx could maintain momentum, manage stakeholder expectations, and leverage partnerships (such as with EY) to navigate the regulatory challenges.
After refining their strategies, each team presented to a panel of judges from Scotiabank, BCG, Ivey faculty, and industry professionals, who evaluated their presentations based on clarity of analysis, creativity in problem-solving, and feasibility of recommendations. Three finalist teams advanced to the final round, earning the chance to present their solutions to the judges, including Banxx CEO Adam Rice. Judges commended the finalists for their ability to think on their feet and integrate strategic pivots into their decision-making.
Unlike many case competitions that focus on theoretical business problems, TCC stood out in its real-world applicability. The winning team provided a robust, phased approach for Banxx’s U.S. entry, addressing short-term regulatory hurdles with strategic partnerships, a revised go-to-market strategy, and an interim revenue model to sustain investor confidence during the delay. Rice noted that many of the insights provided by competitors were directly applicable to Banxx’s ongoing expansion plans, making this competition a true consulting experience rather than a mere academic exercise.
Networking and Learning Impact
For many students, the competition’s greatest value extended beyond the case itself. The event provided hands-on experience in strategic adaptability, real-time decision-making, and the ability to distill complex business challenges into clear, actionable solutions. Many students noted how the competition sharpened their ability to structure and deliver recommendations to key stakeholders with clarity and confidence.
Winners of the Technology Case Competition
The competition wrapped up with an award ceremony in the BMO Auditorium, celebrating the efforts of all participants and recognizing the top-performing teams. As open banking continues to evolve, competitions like TCC serve as invaluable platforms for developing the next generation of fintech and consulting professionals, bridging the gap between academia and industry in meaningful and impactful ways.
The Ivey FinTech Club gratefully acknowledges the generous support of the Scotiabank Digital Banking Lab, whose contributions made this competition possible. A big thank you to the judges from Scotiabank, BCG, EY, and Ivey faculty for their time and invaluable feedback.