Smart Data is the secure and consented sharing of customer data
with authorised third-party providers.
Icebreaker One founder and CEO Gavin Starks has been appointed co-chair of the UK Smart Data Council to bring the success of Open Banking to other sectors including small business finance and energy.
Smart Data involves the secure and consented sharing (or ‘permissioned’ if business data) of customer data with authorised third parties to help improve services for consumers [reference].
It builds on Open Banking, the trusted technology that connects banks, fintechs and technical providers, which Gavin cochaired the creation of. It now supports over 7 million customers. In that time the data sharing services have boosted customer knowledge of their finances and enabled increased savings.
The Smart Data Council is run by the Department for Business and Trade has set up a Smart Data Council and will work on smart data schemes such as helping consumers and small businesses switch utility providers more easily.
It comprises key government departments, regulators, industry and consumer groups, and representatives from Citizen’s Advice, Innovate Finance and others.
Co-chair and Business and Trade Minister Kevin Hollinrake said:
“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.”
Gavin Starks said:
“Frameworks for trusted data sharing have transformed the banking sector – I’ve seen that first hand with Open Banking. Now it’s time to do the same for energy and other utilities.
“It’s why I founded Icebreaker One to make data work harder to get to net zero. Across all of the UK’s utilities, better access to data will help consumers, reduce emissions, and improve efficiency and innovation. I’m delighted to co-chair the Smart Data Council and help deliver positive outcomes for consumers and businesses.”
Council Members
- The Department for Business and Trade
- HM Treasury
- The Department for Energy Security and Net Zero
- The Department for Science, Innovation and Technology
- The Information Commissioner’s Office
- Ofcom
- Ofgem
- The Financial Conduct Authority
- The Competition and Markets Authority
- TechUK
- Innovate Finance
- Icebreaker One
- Citizens Advice
- The Coalition for a Digital Economy (COADEC)
- Open Data Institute
- Ctrl-Shift
- Open Banking Implementation Entity (OBIE)
- The Investing and Saving Alliance (TISA)