Smart Data Foundry has recently been awarded a £3m funding from Smart Data Research UK, a component of UK Research and Innovation (UKRI).
According to Finextra, this significant investment aims to advance the financial health studies of millions of UK households by ensuring secure access to extensive financial behaviour data, economic resilience, and regional economic activity.
The newly funded Financial Data Service will join a network of five other data services across the country, positioning the UK as a leader in smart data research and innovation. The initiative promises to provide researchers with safe and effective methods to access and utilize smart data accumulated from various digital interactions, such as mobile apps, navigation systems, social media, and shopping.
At the core of this service, SDF plans to deliver unprecedented insights into the UK’s economic health through secure access to anonymized banking and finance data from millions of households and businesses. This initiative builds on SDF’s proven track record since its inception in 2022, where it has gained national acclaim for leveraging anonymized financial data for public benefits, such as studying the economic impact of Covid-19 in collaboration with notable partners like NatWest Group, Virgin Money, SAGE, and Equifax.
The funding will enable the integration of the Financial Data Service into the existing network of innovative data service organizations within the UK. This integration will foster data-sharing partnerships among academia, public institutions, and the private sector, ultimately leading to improved public good outcomes that will enhance the lives of people across the UK.
“In partnership with the University of Edinburgh, we’ve made significant progress in managing and utilizing financial data for the public benefit,” said Dougie Robb, SDF’s Interim CEO. Professor Chris Dibben from the University of Edinburgh also highlighted the potential impact of this service, noting, “This investment by Smart Data Research UK in a Financial Data Service will allow us to change the current situation, enabling more public benefit social and economic policy research.”
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