Sharing financial data can assist you in improving your business processes and increase your profits. It can also reduce your expenses. It’s important to consider the following six aspects before deciding to share your financial data with third parties.
1. Verify 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 one-time access, whereas others require the ability to tap into and to share large volumes information over a long period of time. It is essential to examine the reputation of the company the app, the platform and its reputation within the field regardless of the strategy. Look for reviews investigate this site on third-party sites, app stores and media.
2. Take into account the range of data sharing
Consumers and experts agree that financial technology, or fintech, apps and banks should improve their practices of sharing account information of customers to reduce security risks like hacking and identity theft. However, they aren’t convinced 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 might offer a dashboard to customers to control the way in which their account information is shared with the services they use. This could include budgeting applications as well as credit monitoring software and even monitoring mortgages and home values. Wells Fargo and Chase allow customers to view which accounts have been shared with them and track their settings using the dashboard.
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