The sharing of financial data can assist you in improving your business processes and increase your revenue. It can also reduce your costs. It’s important to consider the six elements listed below prior to deciding to share your financial information with third-party companies.

1. Check to Make Sure Services Are Legitimate

Some use cases (such a mortgage closing that requires on-demand access to an prospective lender) are best served when the consumer gives a one-time access. Other cases require the ability to access and share large amounts of information over a long period of time. It is essential to examine the reputation of the business, the app, or the platform and its history in the field, regardless of the approach. Look for reviews on third-party websites, app stores, and other media.

2. Take into account the range of data sharing

Financial experts and consumers agree that fintech and banks applications should improve the method they share information about their accounts to prevent security risks like hacking or identity theft. They’re also sceptical that this will make a difference, as many people are still confused by the current system of data sharing. This may feel like a snobbery and reduce the potential for knowledge.

Fintechs and banks may offer a dashboard to let users control the way in which their account information is shared with services they use, including budgeting tools, credit monitoring software and even home value and mortgage tracking. Wells Fargo and Chase allow customers to see which accounts are shared and track their settings via an interface.

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