FiDA is a planned initiative that forces first party financial services like banks to provide other services like insurances or investment companies and maybe third parties with their customers data.

From what i understand it is required that this works via a unified API across all of Europe.

Data transfer explicitly requires the customers consent.

My guess is that this would be useful if you change the bank or some insurance to allow easy switchovers and of course tax avoidance and money laundering might be harder.

IMHO insurance companies should not have access to any of their customers banking data (they want to of course, to do price gauging and price discrimination).

And obviously there is no reason why any of those vile datahogs like Google, Facebook, Apple and so on, should have even the slightest access to this.