Financial data shared with other parties can improve your business’s operations, increase your profits and decrease expenses. However, it’s important to remember the following six factors before deciding whether to share your company’s financial data to outside entities.
1. Check to Make Sure Services are Legitimate
While certain scenarios (such as mortgage closings that require on-demand access to prospective lenders) work best if the customer is able to grant one-time access, others require to be able to access and share massive amounts of information over an extended period of time. It’s important to check the reputation of the firm, the app, or the platform and its reputation within the industry regardless of the strategy. Find reviews on third-party websites, app stores and media.
2. Think about the range of data Sharing
Experts and consumers believe that banks and fintech apps must modernize the method they share information about their accounts to prevent security risks investigate this site like identity theft or hacking. They’re also sceptical that this will make a difference, as many people are still confused by the current way of data sharing. This can feel patronizing and hinder the possibility of understanding.
Fintechs and banks may provide a dashboard that enables customers to control how their information about their accounts is shared with services they use. This could include budgeting apps as well as credit monitoring software and even monitoring mortgages and home values. For example, Wells Fargo, Chase, Citi and Plaid all let customers see the details of accounts shared with these tools and monitor their settings through an account dashboard.
