Shared financial data will aid in improving your business operations and increase your revenue. It can also help reduce your expenses. But, it’s crucial to consider the six considerations below before making a decision about sharing your company’s financial data with outside entities.

1. Check to Make Sure Services are Legitimate

While certain use cases (such as closings on mortgages that require on-demand access to potential lenders) work best if the customer is able to grant one-off access, others need to be able to access and share huge amounts of data doncentholdingsltd.com/ over a long period of time. Whatever the method it’s important to examine the company, app or platform’s reputation and follow its track record in the industry. Check for reviews on third-party sites as well as app stores and media.

2. Consider the Breadth of Data Sharing

Consumers and experts are of the opinion that financial technology, also known as fintech banks, apps and applications should improve their practices of sharing account data of customers to prevent security risks, such as hacking and identity theft. However, they’re skeptical that this will help as many people are in awe of the current perception of data sharing, which could feel like a patronizing attitude and limits the potential for gaining insights.

Fintechs and banks may provide a dashboard that enables customers to control the way in which their account information is shared with services they use. This could include budgeting apps, credit monitoring software, and even monitoring mortgages and home values. For instance, Wells Fargo, Chase, Citi and Plaid all let customers see the accounts that have been shared with these services and monitor their settings from their dashboard.