Something I found out while in the UK. All banks now offer something called “MiData”. You can download the last 12 months of transactions in a standardised format suitable for loading into a comparison engine. The aim is so that the engine can look at transactions, overdrafts, fines, fees, interest rates and so on and then advise you as to whether you’ve got he best bank account deal. It’s to try and increase the churn rate of accounts, thus increasing competition.
However, how much data is there there? My own account is of very little use as my UK account hardly gets used. Couple of transactions a month and that’s it. Would anyone like to have a look at their own account? Does it pull out who a card transaction is to for example? £10 at Cafe Nero, £50 at Sainsbury’s? What level of detail does that information go to?