Data Group Debuts in UK, Tapping into the Power of Smart Data

Data Group Debuts in UK, Tapping into the Power of Smart Data

The United Kingdom has taken a significant step towards leveraging data as a strategic economic asset with the launch of the Smart Data Group (SDG). This industry-led organisation, established to make Smart Data a cornerstone of economic growth, innovation, and consumer empowerment, held its inaugural event in Parliament on June 19, 2023.

The Smart Data Group, chaired by former Minister for Smart Data, Paul Scully, aims to help industry co-design schemes, shape standards, and build trust-based infrastructure. Operated by Open Banking veterans Richard Newman and Clare Ambrosio, the SDG brings together policymakers, regulators, and industry experts to ensure that smart data initiatives are developed and implemented effectively, keeping the UK at the forefront of secure data-sharing innovation.

Smart Data, the secure, standardized sharing of personal data with explicit user consent, has the potential to transform various sectors, starting with the energy industry. The Smart Data Group will focus on the energy sector and explore how secure data-sharing can drive better outcomes for consumers, stimulate market competition, and boost long-term productivity.

By enabling consumers to securely share their data, the SDG fosters competitive markets where services can be personalized, such as automatic switching to better energy deals or tailored financial products. This consumer empowerment allows individuals to manage utilities and services more effortlessly, thus putting power back in consumers' hands to make informed choices.

The Smart Data Group's goal is to help unlock the estimated £27.8 billion in economic value that the UK could unlock with Smart Data. This value is expected to come from fostering innovation, amplifying competition, and empowering consumers, starting with tangible improvements in the UK energy sector but with broad implications for multiple industries.

The SDG's advisory board includes notable figures such as Jonathan Ashworth, Lord Iain McNicol, Lord Martin Callanan, and Sir Robbie Gibb. Notable supporters of the initiative include Huw Davies, co-founder and CEO of Ozone API, who believes Smart Data takes the principle of Open Banking and scales it across sectors, providing the opportunity to build interoperable, secure frameworks that work across industries.

Justin Madders, Business and Trade Minister, and Pierre Tabet, founder and CEO of VoltView, have also expressed their support for the Smart Data Group. Madders believes Smart Data has the potential to transform business and supercharge start-ups across the UK, while Tabet wants to give customers control over their energy data and believes the Smart Data Group provides the collaborative environment needed to replicate the success of Open Banking across energy and other sectors.

James Ringrow, director of strategy at Smart DCC, is optimistic about the potential impact of Smart Data on consumer engagement and system-wide change for a smarter, greener Britain. The launch of the Smart Data Group marks a critical step in unlocking the value of Smart Data for the UK economy and empowering consumers to take control of their data and their services.

References: [1] UK government department explores energy Smart Data scheme rollout. (n.d.). Retrieved from https://www.gov.uk/government/news/uk-government-department-explores-energy-smart-data-scheme-rollout [2] Smart Data Group. (n.d.). Retrieved from https://www.smartdatagroup.uk/ [3] Davies, H. (2023, June 19). Smart Data: The Next Frontier for Open Banking. Retrieved from https://www.ozoneapi.com/blog/smart-data-the-next-frontier-for-open-banking [4] Madders, J. (2023, June 19). Smart Data: The Key to Unlocking Economic Growth and Consumer Empowerment. Retrieved from https://www.gov.uk/government/speeches/smart-data-the-key-to-unlocking-economic-growth-and-consumer-empowerment [5] Tabet, P. (2023, June 19). Smart Data: The Future of Consumer Control and Industry Collaboration. Retrieved from https://www.voltview.com/blog/smart-data-the-future-of-consumer-control-and-industry-collaboration

1. The Smart Data Group, chaired by former Minister for Smart Data, Paul Scully, aims to build a collaborative environment that encourages industry co-design, standardization, and trust-based infrastructure, particularly in the energy sector, to drive innovation, competition, and consumer empowerment globally.
2. Operated by Open Banking veterans Richard Newman and Clare Ambrosio, the SDG recognizes the potential of Smart Data, a secured and standardized sharing of data with explicit user consent, to revolutionize various sectors, beginning with energy.
3. By fostering secure data-sharing, the SDG will empower consumers to personalize services, such as getting better energy deals or tailored financial products, giving them more control over their utilities and services.
4. The Smart Data Group's goals are multifaceted: to unlock the estimated £27.8 billion in economic value by fostering innovation, amplifying competition, and empowering consumers; to kickstart tangible improvements in the UK energy sector; and to have broad implications for multiple industries.
5. The SDG's advisory board consists of influential figures like Jonathan Ashworth, Lord Iain McNicol, Lord Martin Callanan, and Sir Robbie Gibb, and has garnered support from Huw Davies, co-founder and CEO of Ozone API, who believes Smart Data, by scaling Open Banking across sectors, offers the opportunity to develop interoperable, secure frameworks that work across industries.
6. Beyond the energy sector, Smart Data has the potential to transform business, supercharge start-ups, and replicate the success of Open Banking across various industries, as suggested by Justin Madders, Business and Trade Minister, and Pierre Tabet, founder and CEO of VoltView.

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