The world's most advanced policy that allows consumers to consolidate their own data is called the Open Banking Project. It started in the UK in 2016, following the European's Directive PSD2 – the revised Payment Services Directive (https://www.ecb.europa.eu/paym/intro/mip-online/2018/html/1803_revisedpsd.en.html). This changed the competitive landscape of banks by lowering the entry barrier in terms of making use of banks' information for financial advisory reasons. This makes robo-advisors a feasible business as the financial data that banks contain is no longer segregated.
The challenge with this project is that the existing incumbent dominant banks have little incentive to open up their data. On the consumer side, the slowness in data consolidation impacts the economic values of this inter-connected network of financial data on banking services. This obeys Metcalfe's Law, which states that the value...
