The sharing of financial data can assist you in improving your business operations and boost your revenue. It can also help reduce your expenses. It’s important to take into consideration the following six aspects before deciding to share your financial data with third-party companies.

1. Check to Make Sure Services are Legitimate

Some use cases (such a mortgage closing that requires immediate access to a potential lender) work better when the customer grants one-time access. Other cases require the ability to tap into and to share large volumes information over a prolonged period of time. No matter what the method it’s essential to look into the company, app or platform’s reputation, and keep track of its history within the industry. Look for reviews in third-party sites as well as app stores and media.

2. Take a look at the breadth of data Sharing

Consumers and financial experts agree that financial technology, also known as fintech banks and apps must improve their practices in sharing account information with customers to help prevent security risks, such as hacking and identity theft. They’re also sceptical that this will benefit, since many people are still confused by the current system of data sharing. It can be perceived as a patronizing approach and hamper the potential for understanding.

Fintechs and banks might provide a dashboard for customers to let customers control the way that their account data is shared with the apps they use, including budgeting tools, credit monitoring applications and even home value and mortgage tracking. For example, Wells Fargo, Chase, Citi and Plaid all allow customers to view what accounts have been shared with these tools and check their settings via the dashboard.

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