The UK government announced the opening of its “midata” innovation lab, which allows companies to gather consumer data that will help create money management apps, reported Finextra. The program was introduced in 2011 and will allow British consumers to access consumption information that help them understand their own personal buying behaviors and trends.
The government is hoping to help consumers manage their money better by allowing them to see their payment and bill history. This program makes accessing public and private data much easier.
Consumer affairs minister Jo Swinson commented, “Today’s most successful businesses are the ones that are creative about building customer relationships. The new ‘midata’ Lab is an exciting opportunity to put this to the test and explore how businesses could help customers use the data around their spending habits to make better choices.”
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