Sharing financial information can improve your business’s operations, boost your revenue and decrease expenses. It’s important to consider the following factors before making a decision to share your financial information with third party.

1. Verify that the services are Legitimate

While certain scenarios (such as mortgage closings that require on-demand access to a prospective lender) work best if the consumer can grant a only-once access, other cases require to be able to tap into and share massive amounts of data over a long time. It is essential to examine the credibility of the company as well as the app or the platform and its reputation within the field regardless of the method used. Find reviews on third-party websites, app stores, and other media.

2. Take a look at the breadth of data Sharing

Consumers and experts agree that financial technology, or fintech banks and apps must update their methods of sharing account information with customers to help prevent security risks like hacking and identity theft. They’re also sceptical that this will make a difference, as many people still feel confused by the current system of data sharing. This may feel like a snobbery and limit the potential for understanding.

Fintechs and banks might offer a dashboard that lets customers control the way their account information is shared with the services they use, such as budgeting apps, credit monitoring tools and even home value and mortgage tracking. Wells Fargo and Chase allow customers to view which accounts have been shared and monitor their settings via a dashboard.

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