A range of different Smart Data use case ideas have already been proposed (and, in the case of Open Banking, are already live in the market and in use). We list some of these here, and the publications in which they feature.
Many existing Smart Data use case ideas, including ones listed here, are single-sector use cases. In the Smart Data Discovery Challenge, we are specifically looking for cross-sector Smart Data use case ideas (see Eligibility for details). We want to learn about the innovation opportunities that could be unlocked from the interaction of Smart Data schemes across different sectors of the economy, to complement the thinking that is taking place within sectors.
As you consider your cross-sector Smart Data use case idea (or ideas) for the open call, you may wish to take inspiration from some of these existing ideas or consider taking them in a new direction.
Provide a better understanding to the consumer of how their savings behaviour can affect retirement income (e.g. mapping projected potential annuity income against personal expenditure rates) to aid informed decisions about saving levels. This could include being able to see pension pots alongside non-pension savings or assets in one place to ensure consumers can consider together all the assets they can use to fund their retirement. Learn more about savings and pensions use cases.
Help consumers better understand their investment portfolio and consider whether it continues to meet their needs by providing up-to-date information on costs, tax treatment, performance, risk, and other factors (e.g. asset mix, exit fees, etc). This could involve providing an aggregated view of investments, facilitating switching through platforms to lower investment costs, and enabling easier buying and selling of investments. Read more about investment use cases.
Support small businesses to track bills, expenses and receipts easily and quickly, so they know how much they’ve spent and are ready for the taxman. This will involve a dynamic flow of banking data between banks and the customer. This use case can similarly apply to consumers, providing a snapshot of their financial situation in one place combining information from across their current accounts, credit cards, and investments. For more information about banking use cases, check out the Open Banking website.
Enable consumers to make better decisions about their energy supplier based on information about their location, current tariffs and annual energy consumption. This information will enable users to have a better understanding of the realities of different energy providers, and to provide a better and more complete comparison. For more information about energy use cases, read this document.
Facilitate more complex sharing of household bills. Utility companies generally default to burdening an individual account holder, however bills are often shared amongst multiple dwellers. Smart Data can help split the bills with members of the household, while allowing everyone to see all the accounts in one place. For more information about utilities use cases, head to the IF website.
Reduce energy consumption by enabling occupants to adjust and optimise energy consumption to fit their needs. This could include different parts of a smart home interacting more closely, for example across heating, solar panels and EV batteries. Can provide far greater control over energy usage, with very significant efficiency gains, as well as cost savings by purchasing energy at off-peak rates, storing and releasing, as well as switching to household generation when possible. You can find more information about energy use cases in this document.
Provide a better overview of vulnerability across a specific area to support local authority decision making. This would include bringing together different elements of social care data from different data holders to identify anything from financial, psychological or social vulnerability in order to target interventions. Read more about social use cases.
The Department for Business, Energy & Industrial Strategy described a number of Smart Data use cases in the Smart Data Working Group’s Spring 2021 report.
