Six Considerations Before Sharing Financial Data With Outside Parties

Sharing financial information can assist you in improving your business operations and boost your revenue. It can also help reduce your costs. It’s important to take into consideration the six elements listed below prior to deciding to share your financial information with third-party companies.

1. Verify that the that the Services are Legal

Certain use cases (such a mortgage closing that requires immediate access to an prospective lender) work best when the customer grants only-once access, while other require access to and to share large volumes information over a prolonged period of time. It is important to verify the credibility of the company the app, the platform and its track record in the field regardless of the method used. Find reviews on third-party websites as well as app stores and media.

2. Consider the breadth of data sharing

Experts in finance and consumers believe that banks and fintech apps should modernize the method they share account information in order to guard against security risks, such as hacking or identity theft. However, they aren’t convinced that this will make a difference because many people are still uneasy about the current concept of data sharing, which can feel as a sham best antivirus for windows 10 gaming and hinders the possibility of gaining insights.

Fintechs and banks can offer a dashboard to let users control how their account data is shared with the tools they use, including budgeting tools, credit monitoring apps and even home value and mortgage tracking. For example, Wells Fargo, Chase, Citi and Plaid all let customers know the accounts that have been shared with these services and to monitor their settings through a dashboard.

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