The UK government is leading an open call for Brits to share ideas on ways to harness smart data across a host of sectors - including financial services - to benefit individuals and small businesses.
With open banking now well established in the UK, the government is looking for other ways to harness smart data - the ability for people and businesses to access and share their data with authorised third parties.
To harvest ideas, the Department for Business and Trade is teaming up with Challenge Works, the Open Data Institute and Smart Data Foundry on the Smart Data Discovery Challenge.
Individuals and organisations are being asked to offer cross sector solutions that illustrate the potential benefits of smart data for consumers, small businesses and wider society. As wells as financial service, the challenge is encouraging ideas that cut across energy, retail, transport, and home buying.
Interested parties have until 8 December to submit ideas before a longlist is selected ahead of a pitching event next March where the best proposals will get cash prizes.
Kevin Hollinrake, Minister for Enterprise, Markets and Small Business, says: “Smart data has the potential to help create solutions to real life issues that consumers face on a daily basis as well as supporting small firms across the country and helping to grow the economy.
“Smart data is already helping consumers via Open Banking and I am excited to see what other game changing technology this challenge launching today will produce from our nations’ innovators and entrepreneurs, particularly in the energy, SME finance and home buying sectors.”