We all like a good deal. It’s particularly important now when we’re all feeling our wallets squeezed. And especially in the run up to Christmas.
But sometimes it’s hard to know whether we’re getting a bargain or being ripped-off.
Take your mobile phone. There’s a staggering 12.7 million different deals to choose from. So how do you know that you’re getting the right bundle of minutes and texts?
It can be just as bewildering for electricity or gas bills – with more than 300 different offers available. How do I truly know that I am on the best package for my home?
The Government wants to help you find a way through this maze. We set out our plans in April 2011 and today I am pleased to announce that a number of different companies have committed to working with us to achieve the midata vision.
Midata is our project with a range of businesses, consumer groups and regulators to release the data they hold about you, back to you, in a safe, electronic and portable format.
We hope individuals will be able to use this data to gain an insight into their own behaviour, make more informed choices and better decisions, to manage their affairs more efficiently, and to obtain the products and services that best meet their needs.
For example, your phone company has exact data on how you use your phone – much more than you will ever receive in a bill summary.
But if you had all the information that business held on you – you could use that data using price comparison sites or phone apps to get a deal that best fits the way you use your phone.
A survey from Billmonitor showed that the average mobile phone user overspends by £200 a year. That shows the importance of having a deal that works for you: it’s not about how many minutes you can get for £10 – it’s whether you even use £10 worth of minutes.
The businesses that are supporting us range from energy to banking and telecoms companies.
While midata is a challenging project for them, they can see the benefits to business, for example: increasing trust and improving data quality – both of which will help create more cost efficient and relevant services.
High-quality firms that can respond best to customers will drive innovation, competition and growth and in turn will win more business. A better deal for consumers and the economy means a better deal all round.
By increasing transparency and giving more power to you – the consumer – you will be better placed to get the deal you want – and that may put a bit of extra money in your back pocket. As we take the midata project forward to realise this vision, I’d be interested to hear your comments.