In this case study we look at how Barclays plc – a British multinational investment bank and financial services company – share data both for regulatory purposes and more widely for its business.
This case study is part of a project exploring the value of sharing data in the private sector. When sharing data, businesses face a range of challenges. A significant barrier is a lack of evidence showing how increasing access to data can create business value, for example, by enabling new business models, increasing efficiency or reducing costs.
To help address this, we have been documenting real-world examples of how the private sector is creating value from increasing access to data.
- Sharing data is a legal requirement in some industries. Regulators can require businesses to share data with them, with other companies or with the public.
- Beyond being a legal requirement, regulated data sharing often creates benefits for the organisations that share the data, as well as others in their industry and consumers.
- Barclays shares data in accordance with the Second Payment Services Directive (PSD2) and open banking regulations, which allows banking customers to more easily share personal data between authorised organisations online.
- Barclays saw the benefits of being a leader in open banking early and, to better serve its customers, provided account aggregation services before most other banks.
- Barclays also engaged in an open-innovation initiative to produce innovative new services by bringing new talent and ideas into its data ecosystem.
Many businesses are embracing the sharing of data, and are seeing tangible benefits for their organisations and across their entire sectors. Josh D’Addario, Consultant at the ODI, has been talking to these organisations and researching the benefits. Josh shares his top seven reasons why businesses should be sharing data.
The ODI is engaging with private-sector companies to show how sharing data can positively impact the bottom line.
We are already seeing open approaches to data happening in sectors such as physical activity, banking, and pharmaceuticals.
This project seeks to demonstrate the business value of sharing data to a sector, network or individual business, looking at how an organisation might benefit in terms of innovation, network capabilities, and brand positioning.
Get in touch with our team to discuss the potential for your organisation to get more from data, join our events and follow our research
We’re currently developing a toolkit to help people working in the private sector to plan their data sharing strategies. It is due to be created by the end of March, so please share your details below to receive the toolkit when it’s ready.