Sharing financial data with others can improve your business operations, increase your revenue and decrease expenses. It’s important to take into consideration the six elements listed below prior to you decide to share your financial data with third party.

1. Verify that the service is Legitimate

Although some use cases (such as closings on mortgages that require immediate access to prospective lenders) work best when the customer is able to grant one-time access, others require to be able to tap into and share huge amounts of data over a long time. Whatever the case it’s essential to look into the company, app or platform’s reputation and follow its track record in the industry. Look for reviews on third-party websites, app stores and other media.

2. Take a look at the breadth of data Sharing

Consumers and financial experts agree that financial technology, also known as fintech banks, apps and applications should improve their practices in sharing account data of customers to help prevent security risks such as hacking and identity theft. However, they’re not convinced that this will be helpful as many people are in awe of the current perception of data sharing, which can feel as a sham and hinders the potential for insights.

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

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