How banks and retailers can harness ‘open energy data’ to empower customers

The ability to engage consumers with energy consumption information from smart meters is no longer restricted to just energy suppliers. By harnessing the power of ‘open energy data’, other large B2C organisations like banks and retailers can now also empower their own customers to be more sustainable whilst encouraging positive interaction with their brands. 

The UK’s digital energy ecosystem is evolving at an unprecedented pace, driven by the rapid proliferation of Smart and Advanced Meters across Great Britain.

As of the end of 2023, over 34 million of these digital energy meters were installed in homes and businesses, with 15,500+ being deployed daily all over the country – from Land’s End to John O’Groats.

But smart meters aren’t just about tracking kilowatts and making bills more accurate; they’re completely revolutionising how we understand and manage energy consumption.

The novel ability of smart meters to help households and businesses to visualise and understand their energy usage in near real time lies at the heart of this revolution. It is today enabling energy technology experts like SMS to harness the vast digital energy data generated by these meters and, in turn, unlock significant value for consumers and organisations alike.

Open energy data

This data isn’t just numbers on a screen—it’s the foundation of what we call ‘open energy data’: the essential ingredient for any successful energy transition, be it an individual household, or indeed when it comes to decarbonising the entire UK economy.

Understanding baseline data is crucial, but it’s what we do with that data that truly matters.

Energy data visualisation

By leveraging state-of-the-art data visualisation platforms like Smart Energy Data, we can now do more than just track usage; we can add value, gain insights, educate, and inform consumers to take action and lead more sustainable lives.

From promoting behavioural changes that can slash energy consumption to tailoring propositions for retrofitting buildings with carbon-reducing assets like solar PV systems, batteries, and heat pumps. The possibilities are limitless.

But here’s the exciting part: this power is no longer limited to energy suppliers.

What can consumer-facing brands do?

The creation of ‘open energy data’ means that any consumer-facing brand – such as banks or retailers – can offer these benefits of smart energy to their customers, enhancing engagement with the brand and its products, whilst driving meaningful change amongst your client base.

One striking example of this impact is the improvement in engagement witnessed with customers using the Smart Energy Data platform when tested against standard energy monitoring apps currently available on the market.

A recent study conducted by our technology partners, Eliq, revealed some staggering results:

• Digital interaction with the app increased by a whopping 7 times.
• The average time spent in the apps skyrocketed from a mere 68 seconds to an impressive 6 minutes and 47 seconds per month.
• Most importantly, consumers and businesses alike saw a remarkable 7% reduction in energy consumption on average.

This is more than just data; it’s the key to unlocking a sustainable energy future, offering a low-cost, scalable solution to kickstart the energy transition and empower consumers to take control of their energy usage.

So let’s embrace the power of Smart Energy Data and pave the way for a brighter, more sustainable future—one kilowatt at a time.