With the success of Open Banking, the aim is now to ‘open up’ customer data sharing across different sectors of UK industry such as: energy, finance, home buying, retail, telecommunications and transport.
https://www.gov.uk/government/collections/creating-a-smart-data-economy
This will, as a result:
- empower consumers and small business customers – putting them in control of their own data
- turbo charge competition, innovation and growth – removing data ‘lock-in’ created by anti-competitive practices
- unlock the potential for smart data to drive the wider data economy
The origins of the Smart Data economy are actually based upon the UK Government Data Strategy (2017 updated 2023) that set out how to unlock the power of data in the UK economy:
“To support industry in unlocking value from data, we will work with organisations such as the Open Data Institute to create an environment to open up customers’ data across more sectors through the use of APIs (Application Programming Interfaces). This will help the development of innovative new applications, such as dashboards that bring together household bills, or tools that could automatically switch consumers to the cheapest energy deal based on their preferences and actual usage. The UK is the first country to start work on developing an Open Banking API that uses data to provide helpful information to consumers when using banking services.”
Open Transport - Transport & Mobility Data Interoperability 