Six Considerations Before Sharing Financial Data With Outside Parties

The sharing of financial data can help you improve your business operations and boost your profits. It can also lower your expenses. It’s important to consider the six factors below before deciding to share your financial data with third party.

1. Verify that the Services are Legitimate

While certain use cases (such as mortgage closings that require on-demand access to prospective lenders) are most effective when the consumer can grant a one-time access, other situations require to be able to access and share large volumes of information over a longer period of time. It is essential to examine the reputation of the company and the app, or the platform and its history in the field regardless of the approach. Look for reviews on third party websites, app stores and other media.

2. Consider the Breadth of Data Sharing

Experts and consumers are of the opinion that banks and fintech apps must modernize the methods they share customer information about their accounts to avoid security risks such as hacking or identity theft. However, they aren’t convinced that this will make a difference as many people are perplexed by the current notion of data sharing, which can be patronizing and restricts the possibility of getting insights.

Fintechs and banks might offer a dashboard that lets customers decide the way that their account data is shared with the tools they use, including budgeting tools, credit monitoring software and even mortgage and home value tracking. Wells Fargo and Chase allow customers to view which accounts have been shared with them and track their settings on an interface.

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