Data conference: Rui Cardoso of Smart Data Foundry

In collaboration with East Renfrewshire Council and NatWest Group, we’re on a journey to harness the power of data to improve the lives of people and communities, and the results are nothing short of remarkable.

Joined by Mike Spencer, our principal data scientist, we engaged in a stimulating discussion and live demonstration of how our powerful Cost-of-Living Dashboard can be used to gain insights into our communities and how we can equip policymakers with actionable data to make evidence-based decisions.

At Smart Data Foundry, our mission is clear – to unlock the transformative power of financial data, enriching and enhancing the lives of people and communities.

Our data-sharing partnerships with leading financial services organisations provide us access to an extensive set of de-identified financial data, an invaluable resource in our mission to drive impactful research and create meaningful insights.

Thanks to our key partnership with NatWest Group, we receive a weekly feed of transactions from 1.2 million current accounts across the UK.

This aggregated and de-identified data enables us to categorise income, financial commitments, and essential expenditures on a weekly basis.

Moreover, the ability to segment this data by geography, age, and gender equips decision makers with detailed insights to comprehend the multifaceted effects of policy interventions.

The true significance of these insights becomes evident when we consider the potential to drive early interventions that benefit all segments of society. We have a particular focus on highlighting the experiences of vulnerable and low-income groups. By analysing this data, we can shine a light on the challenges faced by the marginalised, amplifying their voices and paving the way for more inclusive and equitable policies.

In recognition of the urgent need to support local authorities grappling with the ongoing cost-of-living crisis, we developed our dashboard for a pilot with East Renfrewshire Council. This innovative tool seamlessly integrates near-real-time financial wellbeing indicators with contextual information, providing local authorities with a comprehensive understanding of difficulties

faced by their citizens.

Armed with this knowledge, local councils are equipped to make early interventions and more informed decisions, allocating resources where

they are most needed. This ensures that their actions have a meaningful and positive impact on constituents’ lives,

particularly the vulnerable.

As the data is refreshed on a five-week cycle, it makes it quick and easy to measure the impact of interventions, by being able to identify the point in time that a change was made and assessing the difference it has achieved.

In conclusion, the Cost-of-Living Dashboard demonstrates how data can be a force for good in our society. Data-driven insights such as these are becoming essential tools for ensuring a brighter future for all.

Together, we can transform decision making, empower communities, and shape a more equitable world through the power of data.

For more information, go to smartdatafoundry.com