Six Considerations Before Sharing Financial Data With Outside Parties

Sharing financial data with others can aid in improving your business’s operations, increase your profits and decrease expenses. It’s important to take into consideration the six factors below before making the decision to share your financial information with third party.

1. Verify that the that the Services are Legal

Certain scenarios (such a mortgage closing that requires scanguard good or bad immediate access to an prospective lender) work best when the consumer gives a one-time access, while others require access to and share massive amounts of information over a long period of time. No matter what the method, it’s critical to review the company, app or platform’s reputation, and keep track of its track record in the industry. Look for reviews on third party websites, app stores and other media.

2. Consider the breadth of data sharing

Consumers and financial experts agree that financial technology, also known as fintech banks, apps and applications should improve their practices in sharing customer account information to avoid security risks like hacking and identity theft. However, they’re skeptical that this will help because many people are still in awe of the current perception of data sharing, which can be as a sham and hinders the possibility of gaining insights.

Fintechs and banks might offer a dashboard to let customers control how their account data is shared with the apps they use, including budgeting apps, credit monitoring tools and even home value and mortgage tracking. Wells Fargo and Chase allow customers to see which accounts have been shared with them and track their settings via an interface.

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