Conclusion: moving to a data-driven economy

Open banking has highlighted the extensive range of opportunities that can benefit consumers and businesses when customers are put in control of their data. The Department for Business and Trade estimates that commercial opportunities created by personal data mobility have the potential to increase GDP by £28bn.

This is particularly true of the energy and utilities sectors – gas, electricity, water, and fuel – the cost of which is a key concern for many businesses and consumers.

As we move forward under the new government, the implementation of a new Digital Information and Smart Data (DISD) Bill will be crucial in realising these benefits to end-users across various sectors. It will also support the transition to an innovative, data-driven economy and reinforce the UK's pioneering role as a leader in global fintech.