The Department for Business & Trade has published independent research which they commissioned to understand how existing data standards can support future Smart Data schemes including Smart Property.
data_standards_for_smart_data.pdf
🤔 What is Smart Data and how will it help to improve the homebuying process?
📃 This evaluation report from Department for Business and Trade explains how some of the complications that customers and industry professionals face during the homebuying process is impacted by the difficulty in finding, accessing, and reusing the data required for a smooth and frictionless transaction – complications that Smart Data could help resolve.
🏡 These complications also impact the ability for customers to access, hold, and share data on a property they already own or live in – another core Smart Data use case.
Why OPDA is so supportive of the findings
🛠️ Will Smart Data fix all of our home buying and selling problems? No, we know it’s not a magic bullet for everything, but the potential for Smart Data to improve the efficiency of the property market and to deliver a better customer experience is enormous and will deliver benefits for everyone in the market.
OPDA was founded with the purpose of improving the experience for buyers, sellers, and everyone in the industry who is involved in the homebuying and mortgage transaction. Our members have worked hard to drive collaboration, to collectively create and deliver data and trust standards, and to adopt these standards in their own systems and ways of working.
Seeing our work recognised in this report and the importance of our standards in creating the right foundation for Smart Property Data is huge testiment to the phenomenal work that’s being delivered.
Maria Harris, Chair of OPDA
