The economic health of households across the UK could be improved by new investment into unlocking insights from financial data.
Smart Data Foundry (SDF), based at Edinburgh Futures Institute, has been awarded £3 million to operate a new Financial Data Service.
The investment will enable the use of smart data to tackle challenges such as the cost-of-living crisis, the changing nature of employment and productivity in different economic sectors.
Economic activity
The service will deliver insights into financial behaviours, economic resilience, and regional economic activity.
It will be part of a network of five other data services across the country. Together, they will put the UK at the forefront of smart data research and innovation, experts say.
The funding is made by Smart Data Research UK, part of UK Research and Innovation (UKRI).
Financial interactions
The investment will support safe and efficient ways for researchers to use the smart data generated through everyday interactions with the digital world, including via mobile apps, navigation systems and shopping.
Led by SDF’s Dougie Robb and Professor Chris Dibben of the School of Geosciences at the University of Edinburgh, the service will provide insights into the economic health of the UK through secure access to de-identified banking and finance data from millions of households and businesses.
Understanding the financial situation of households across the UK is vitally important for social and economic research. However this key aspect of economic life is often poorly measured in our research datasets or even absent. This investment by Smart Data Research UK in a Financial Data Service will allow us to change this situation, enabling more public benefit social and economic policy research.
Professor Chris Dibben
Chair in Health Geography
We look forward to joining five of the most forward-thinking data service organisations in the UK in this groundbreaking network. In partnership with the University we’ve made great progress in holding and making available for public benefit research financial data resources. We have forged fruitful data partnerships with NatWest Group, Virgin Money, SAGE, and Equifax, and built a team with expertise across finance, banking, digital technology, product, data science, and information governance.
Dougie Robb
SDF's Interim CEO
Experts saythe service will enable a transformation in the UK’s understanding of how economic shocks and policy interventions affect different communities, helping policymakers design more targeted and effective responses to economic challenges.
With the new Data (Use and Access) Bill currently going through Parliament, we are at the beginning of a new age for data. If successful, the new legislation will empower safe data use, access, and sharing for the good of society like tackling challenges such as the impacts of poverty and economic inactivity.
Magdalena Getler
Head of Academic Engagement at Smart Data Foundry
Smart Data Foundry, a University of Edinburgh subsidiary, was established in 2022 to unlock the power of financial data to tackle big issues and create positive impact across society, the economy, and the environment.