Financial data includes a wide range of data, including balance sheets and accounting software, bank records and debt owed. The information can be found in a variety of locations including physical files at the data center of a banking institution and spreadsheets on computers in homes and offices.

Access to financial information can provide a variety of advantages however, it also carries risks. Sharing data is a difficult process that must be planned and executed with care. One way to mitigate the risk is to involve line managers and finance specialists in the process of planning and ensure they are able to respond to any questions that may arise from employees. A second way is by offering appropriate training and assistance. A final strategy is to integrate data availability into your business model so that it is a part of the daily activities.

An open repository of new financial data has the potential to uncover a wealth of insights and offer competitive advantages. This can be a source of anxiety for some, especially those who have the ability to manage and control their personal financial data.

There are a number of new technological possibilities that can reconcile the conflict of data sharing and privacy. The existing methods, known as Privacy-Enhancing Technologies, can allow institutions to share and mix financial data securely and protect user privacy and privacy. This is already beginning to happen as more banks, tech companies and apps develop tools for sharing secure live data. This unified ecosystem needs effective access to data controls that allow users to perform distinct tasks.

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