Shared financial data will aid you in improving your business operations and boost your profits. It can also reduce your expenses. However, it’s vital to be sharing financial data aware of the six points below when making the decision to share your company’s financial data with external organizations.
1. Verify that the Services are Legitimate
Certain scenarios (such a mortgage closing that requires immediate access to an prospective lender) are best served when the consumer grants a one-time access. Other cases require access to and share large amounts of information over a long period of time. It’s important to check the reputation of the company and the app, or the platform and its history within the field regardless of the approach. Look for reviews in third-party sites including app stores, media and.
2. Think about the range of data Sharing
Financial experts and consumers are of the opinion that financial technology, also referred to as fintech banks, apps, and apps should improve their practices in sharing account information of customers to help prevent security risks, like hacking and identity theft. However, they aren’t convinced that this will help as many people are uneasy about the current concept of data sharing, which could feel like a patronizing attitude and limits the potential for gaining insights.
Fintechs and banks may provide a dashboard which allows customers to control the way in which their account information is shared with the services they use. This could include budgeting applications and credit monitoring software and even tracking mortgages and home values. For instance, Wells Fargo, Chase, Citi and Plaid all allow customers to see the accounts that have been shared with these services and monitor their settings through a dashboard.