The Korean government is launching a database of consumers ' financial information to provide financial services companies with data that will automatically populate the apps they build . The platform , which counts 100 banks and 25 brokerage firms as partners , aims to eliminate barriers that prevent consumers from trying out new services , make it easier for them to switch providers , and force companies to offer more innovative and competitive services . Once that barrier is removed, it will be much easier to switch providers, forcing financial services companies to innovate in order to stay competitive. Last week , the UK ’s Competition and Market Authority released a statement announcing it would require banks to participate in a similar initiative .
The Korean government is launching a database of consumers ' financial information to provide financial services companies with data that will automatically populate the apps they build . The platform , which counts 100 banks and 25 brokerage firms as partners , aims to eliminate barriers that prevent consumers from trying out new services , make it easier for them to switch providers , and force companies to offer more innovative and competitive services . Last week , the UK ’s Competition and Market Authority released a statement announcing it would require banks to participate in a similar initiative .