Sharing financial information can assist in improving your business operations, boost your profits and cut costs. However, it’s important to be aware of the following six factors before making a decision about sharing your company’s financial data with external entities.
1. Verify that the Services Are Legal
Certain use cases (such a mortgage closing that requires access on demand to a prospective lender) work better when the consumer gives a one-time access. Other cases require access to and share large amounts of information over a prolonged period of time. It’s important to check the credibility of the company and the app, or the platform, and its history within the field regardless of the strategy. Look for reviews on third-party websites, app stores and other media.
2. Think about the range of data Sharing
Experts in the field and consumers agree that financial technology, also known as fintech banks and apps must modernize their practices for sharing customer account information to prevent security risks such as 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 can feel patronizing and reduce the potential for insight.
Fintechs and banks may provide a dashboard for customers to let users control how their account data is shared with the over at this website apps they use, including budgeting tools, credit monitoring apps and even home value and mortgage tracking. Wells Fargo and Chase allow customers to see which accounts were shared and to monitor their settings using a dashboard.