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Shared financial data will assist you in improving your business operations and increase your revenue. It also helps reduce your expenses. It’s essential to remember the six points below when making the decision to share your financial data with external entities.

1. Verify that the Services Are Legitimate

While some use cases (such as closings on mortgages that require immediate access to potential lenders) work best if the consumer can grant a only-once access, other cases require to be able to tap into and share massive amounts of information over a prolonged time. Whatever the method, it’s critical to review the company, app or platform’s reputation, and keep track of its history in the field. Find reviews on third-party websites, app stores and media.

2. Think about the wide range of data sharing

Financial experts and consumers are of the opinion that financial technology, also referred to as fintech banks and apps must improve their practices in sharing account information of customers to avoid security risks, such as hacking and identity theft. However, they aren’t convinced that this will help because many people are still confused by the current view of data sharing, which can feel unwelcome and limit the potential find for gaining insights.

Fintechs and banks may offer a dashboard to let customers decide the way in which their account information is shared with services they use, such as budgeting tools, credit monitoring applications and even home value and mortgage tracking. For instance, Wells Fargo, Chase, Citi and Plaid all allow customers to view the details of accounts shared with these services, and to monitor their settings through the dashboard.