Smart Data Foundry Raises £3M to Transform UK Financial Research Landscape
Smart Data Foundry (SDF) has recently secured a substantial £3 million funding from Smart Data Research UK, part of the UK Research and Innovation (UKRI). This investment aims to enhance the financial health studies of millions of households across the UK by providing secure access to comprehensive financial behavior data, fostering economic resilience, and improving regional economic activity.
Advancing Financial Data Services in the UK
The newly funded Financial Data Service will integrate into a network of five existing data services throughout the UK, reinforcing the country’s position as a pioneer in smart data research and innovation. This initiative is set to empower researchers by offering safe and efficient methods to access and utilize smart data derived from various digital interactions, including:
- Mobile applications
- Navigation systems
- Social media platforms
- Online shopping activities
Insights into Economic Health
At the heart of this service, SDF aims to deliver unprecedented insights into the UK’s economic health by granting secure access to anonymized banking and finance data from millions of households and businesses. This initiative builds on SDF’s successful track record since its establishment in 2022, where it has gained national recognition for utilizing anonymized financial data to benefit the public, such as in studies analyzing the economic impact of Covid-19. Collaborations with esteemed partners like NatWest Group, Virgin Money, SAGE, and Equifax have further solidified its reputation.
Fostering Partnerships for Public Benefit
This funding will facilitate the integration of the Financial Data Service into the existing network of innovative data service organizations in the UK. By doing so, it will promote partnerships among academia, public institutions, and the private sector, ultimately leading to improved outcomes that enhance the quality of life for 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,” stated Dougie Robb, SDF’s Interim CEO. Professor Chris Dibben from the University of Edinburgh also emphasized the transformative potential of this service, saying, “This investment by Smart Data Research UK in a Financial Data Service will allow us to change the current landscape, enabling more public benefit social and economic policy research.”
For more information on financial data services and their impacts, you can visit the UK Research and Innovation website.
