Open Data for Consumer Empowerment

aims to build a mechanism that allows consumers to exercise their rights to conveniently and securely transfer their data stored at one provider to another so that consumers can apply for and receive better services from any provider

What is Open Banking Data For Consumer Empowerment ?? 

The mechanism will allow financial service providers to access and utilize data and key digital infrastructure with standardized processes and connections, which will reduce redundancy and costs. In turn, this will enhance financial services to better serve consumer needs.