A new Smart Data Council has been set up to boost savings for consumers and small firms by making it easier to switch utility providers, the Department for Business and Trade (DOB) has revealed.
Smart data involves the secure sharing of customer data with authorised third parties to help lower bills and improve services for consumers and small businesses by allowing them to find the essential tariffs best suited to their needs and making it easier for them to switch providers.
The Council will be made up of key government departments, regulators and consumer groups, featuring representatives from HM Treasury, the Department for Energy Security and Net Zero, the Department for Science, Innovation and Technology, Ofcom, Innovate Finance and Citizens Advice, among others. The group will be tasked with developing new schemes that utilise the power of smart data.
Commenting on the announcement, Business and Trade Minister Kevin Hollinrake said: Smart Data can be a real game changer for consumers across the UK, potentially saving people hundreds or even thousands of pounds a year.
“Our new Smart Data Council will build on the success of Open Banking and spearhead measures in sectors like SME finance, energy and telecoms, increasing competition and putting more money in the pockets of consumers and small firms.
The newly formed council will aim to replicate the success of Open Banking in other sectors which could include telecoms and energy. Open Banking was launched in 2018 and has been an early mover in championing smart data, supporting over 7 million customers.
The inaugural meeting of the Smart Data Council will take place on 25 April 2023.