In Australia, we are in the process of implementing an open banking regime that will put consumers in control of their banking data. It is expected that consumers will be able to use these data to access better products and services.
For example, consumers could ask their bank to share their credit card transaction history, interest rate, fees and other relevant data with a product comparison website. Using this information, the website could provide a tailored assessment of the best possible credit card for that particular individual, including an accurate estimate of potential savings compared with their current card.