Six Considerations Before Sharing Financial Data With Outside Parties

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The sharing of financial data can aid in improving your business operations and boost your revenue. It also helps reduce your costs. It is important to think about the following factors before deciding to share your financial data with third party.

1. Check to Make Sure Services Are Legitimate

While certain scenarios (such as closings on mortgages that require immediate access to a potential lender) are most effective when the consumer grants one-time access, other situations require to be able to access and share huge amounts of information over a longer period of time. Whatever the case it is essential to check the company, app or platform’s reputation and track its history in the field. Look for reviews on third-party websites, app stores, and other media.

2. Take into account the range of data sharing

Consumers and financial experts agree that fintech and banks applications should improve the way they share customer account details to protect themselves from security risks, such as identity theft or hacking. However, they aren’t convinced that this will benefit, since many people still feel confused by the current way of data sharing. This may feel like a snobbery and reduce the potential for understanding.

Banks and fintechs may provide a dashboard for customers to let customers manage the way that their account data is shared with the apps they use, including budgeting tools, credit monitoring apps and even mortgage and home value tracking. For instance, Wells Fargo, Chase, Citi and Plaid all let customers see what accounts have been shared with these services, and to monitor their settings through a dashboard.