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The open data revolution is upon us – and it begins with financial services

Image credit: ZinetroN / Shutterstock

Tuesday’s King’s Speech confirmed we could be within months of a change in UK law with the potential to transform people’s lives and turbocharge economic growth.

The government has committed to “opening the door to game-changing new technologies” through the Data Protection and Digital Information (DPDI) Bill.

The end objective is to achieve ‘open data’, where all types of personal data – financial, biographical, demographic, employment, etc. – can be securely shared within a trustworthy ecosystem.

People will be able to verify their identity online with the same confidence as with paper documents. In our digital economy, an ever-increasing proportion of goods and services are bought and consumed online.

Imagine the net benefit to individuals, businesses and society at large, if people were able to selectively and securely share their personal data with trusted parties, allowing them to instantly receive offers tailored to their specific needs, wants and situations....