Equifax welcomes government’s Smart Data plans for telco and energy markets
Commenting on the policy paper and consultation on the UK National Data Strategy*, released on
9 September, Rick Biggs, Sales Director - Telcos, Utilities and Debt at Equifax UK, believes Smart
Data can bring significant benefits to telco and energy markets:
“Bringing forward legislation to make Open Communications and Open Energy a reality is a positive and progressive step for the telco and energy markets. Open Banking** has shown how transparency and third party data sharing will help companies in these sectors evolve and improve their services and offer consumers additional value.
“Telco and energy service providers are at differing stages of digitisation and while the Smart Data
initiative will of course present challenges, it can help accelerate digital transformation. At Equifax, we’ve seen first-hand how Open Banking has sparked positive change, leading to increased industry
collaboration, and the building of more effective and efficient processes for consumers.
“Open data platforms can help companies carry out credit and affordability checks and ID verification
quicker and more accurately, and help attract business by delivering a smoother customer experience.
The dawn of Open Energy and Open Communications can also help consumers access better deals, and a broader choice of services.
“These changes will take careful strategic planning, time and commitment to implement. Suppliers need to start preparing now, understanding how to best utilise the data they have, and the new data that
consumers will be able to share with them. We will be working closely with our energy and telco clients to tackle the challenges and harness the opportunities that Smart Data will bring.”
* See also Next Steps for Smart Data, published 9 September
** Open Banking was launched in in the UK in January 2018, and refers to the use of open Application Programming Interface (APIs) that enable third-party developers to build applications and services for financial institutions. It involves the release of and use of data in a secure, standardised form, so that it can be shared more easily between authorised organisations online.