Data continues to play a pivotal role in shaping our society and economy. Smart Data refers to the secure sharing of individuals’ data with trusted third parties, with the customer’s consent, for the provision of innovative, tailored products and services. The Department for Business and Trade has calculated that a Smart Data economy could increase GDP by £27.8bn a year, and its upcoming Smart Data Strategy will provide a guide on how we achieve that. Smart Data holds significant promise to deliver targeted support for customers and small businesses, as we have seen through the first established Smart Data scheme: open banking. There are many potential benefits to consumers and small businesses, however maintaining public trust in data sharing is essential. Educating our citizens and small businesses will empower them to make better use of their data, through insights, and innovative products and services. How can industry and Parliament work together to advance a data sharing economy, make clear the benefits of Smart Data to constituents, and maintain the UK’s crown as a global leader in this space?

This event will:

• Explore the role of Smart Data in powering economic growth and driving innovation, using open banking as a blueprint, including how Britain can reclaim its world-leading industry status in open banking and other Smart Data schemes.

• Assess the tangible impact on customers, from financial inclusion and education to supporting vulnerable groups and improving decision-making.