Shared financial data can help improve your business operations, boost your profits and decrease expenses. However, it’s vital to remember the six points below when making the decision to share your company’s financial data to external parties.
1. Verify that the services are Legitimate
While certain scenarios (such as closings on mortgages that require immediate access to prospective lenders) are most effective when the customer is able to grant one-off access, others need to be able to tap into and share large volumes of information over an extended period of time. It is important to verify the credibility of the company and the app, or the platform and its reputation in the field regardless of the method used. Find reviews on third-party websites as well as app stores and media.
2. Consider the Breadth of Data Sharing
Financial experts and consumers agree that banks and fintech apps should modernize the way they share customer account data to prevent security risks like hacking or identity doncentholdingsltd.com/pc-pitstop-is-now-pc-matic theft. However, they’re not convinced that this will benefit because a lot of people are uneasy about the current concept of data sharing, which can be as a sham and hinders the possibility of gaining insights.
Fintechs and banks can offer a dashboard that lets customers control how their account data is shared with the tools they use, including budgeting tools, credit monitoring applications and even mortgage and home value tracking. For example, Wells Fargo, Chase, Citi and Plaid all let customers see what accounts have been shared with these services and to monitor their settings through their dashboard.