Six Considerations Before Sharing Financial Data With Outside Parties

October, 23 2023

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Sharing financial data with others can assist in improving your business operations, boost your profits and cut costs. But, it’s crucial to be aware of the following considerations before making a decision about sharing your company’s financial data with outside parties.

1. Check to Make Sure Services are Legitimate

While certain scenarios (such as closings of mortgages that require on demand access to a prospective lender) work best when the consumer grants one-time access, others require to be able to access and share huge amounts of data over a long time. Regardless of the approach it’s important to examine the app, company or platform’s reputation and track its history in the industry. Look for reviews on third-party websites, app stores and media.

2. Consider the Breadth of Data Sharing

Experts and consumers agree that banks and fintech apps need to modernize the ways they share customer account details to protect themselves from security risks like hacking or identity theft. They’re also sceptical that this will make a difference, as many people are still confused by the current system of data sharing. This can feel patronizing and hinder the possibility of insights.

Fintechs and banks can offer a dashboard that lets users control the way their account information is shared with the services they use, including budgeting tools, credit monitoring applications and even home value and mortgage tracking. Wells Fargo and Chase allow customers to see which accounts have been shared with them and track their settings via a dashboard.

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