Sharing Financial Data Safely and Confidently

Financial data covers a vast range of data, including balance sheets and accounting software, bank records, and debts owed. The information can be found all over the place, from physical files in a bank’s data center to spreadsheets on personal computers and in the office.

The ability to access financial data offers many advantages, but comes with risks. Sharing data is a complicated procedure that needs to be planned and executed with care. To mitigate these risks line managers and finance experts should be involved in the planning process. They must also be able answer questions from employees. Another approach is providing the right training and support. Another important step is to integrate data availability into your business model, so that it becomes part of the daily activities.

A readily accessible repository of up-to-date financial data has the potential to uncover a wealth of insights and deliver competitive advantage. This can be a source of anxiety for some, particularly those who have the capacity to control and manage their personal financial information.

Luckily, there are many new technology options that can resolve the conflict of data sharing and privacy. Existing techniques, referred to as Privacy Enhancing Technologies, allow institutions to share and mix financial data in a secure manner and safely, while also ensuring user privacy and confidentiality. As more fintechs, banks and apps develop tools for sharing live data it is already happening. This unified ecosystem requires effective data access controls that allow users to perform completely different tasks.