Creating a smart data economy
Through championing smart data, we are facilitating the data economy to drive growth and innovation, and to enable services that ensure businesses and consumers get more for their money.
Data continues to play a pivotal role in our society and economy. This government recognises that our data economy is integral to the UK’s growth and future prosperity. We want to harness the opportunities for data to create efficiencies, tailor products and services, improve decision-making, and empower customers to make better use of data that belongs to them.
Smart data is the secure sharing of customer data with authorised third parties (ATPs). ATPs in retail banking currently use this data to provide services such as faster credit checks and better account management.
We want to encourage similar and interoperable schemes in sectors beyond retail banking, to realise a smart data economy. This will:
- unlock the potential for smart data to drive the wider data economy
- empower consumers and small business customers, turbo charge competition, innovation and growth
The Data Protection and Digital information (DPDI) Bill amends existing data protection legislation and introduces new areas such as digital verification services. Part 3 of the Bill sets the framework that the government may use to implement future Smart Data regulations.
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Last updated 10 May 2024 + show all updates
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Paragraph added on Data Protection and Digital information (DPDI) Bill.
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First published.