The UK government has initiated an open call for individuals and organizations to share innovative ideas on leveraging smart data across various sectors, including financial services, to enhance the well-being of individuals and small businesses. This move comes as open banking has already become established in the UK, and the government aims to explore additional opportunities to harness smart data, enabling people and businesses to access and share their data with authorized third parties.
To gather these ideas, the Department for Business and Trade is collaborating with Challenge Works, the Open Data Institute, and Smart Data Foundry for the Smart Data Discovery Challenge. This challenge invites individuals and organizations to propose cross-sector solutions that demonstrate the potential advantages of smart data for consumers, small businesses, and society as a whole. The challenge extends its scope to encompass various sectors, including energy, retail, transport, and home buying.
Interested parties have until December 8 to submit their ideas, after which a longlist will be compiled, leading to a pitching event scheduled for the following March. At this event, the most promising proposals will be eligible for cash prizes.
Kevin Hollinrake, the Minister for Enterprise, Markets, and Small Business, noted the potential of smart data to address real-life issues faced by consumers daily, support small businesses across the nation, and contribute to economic growth. He emphasized that smart data, such as that enabled by Open Banking, has already benefited consumers and expressed anticipation for the groundbreaking innovations that this newly launched challenge will inspire from the country’s innovators and entrepreneurs, particularly in the fields of energy, SME finance, and home buying.