Financial data shared with other parties can improve your business’s operations, increase your profits and decrease expenses. However, it’s important to remember the following considerations before deciding whether to share the financial information of your business with outside organizations.

1. Verify that the Services Are Legitimate

Certain use cases (such a mortgage closing that requires access on demand to an prospective lender) work better when the consumer gives a only-once access, while other require the ability to access and share massive amounts of information over a prolonged period of time. No matter what the method it’s essential to look into the app, company or platform’s credibility and follow its history in the industry. Look for reviews on third-party websites, app stores, and other media.

2. Think about the vastness of sharing of data

Experts and consumers believe that banks and fintech apps must modernize the way they share customer information about their accounts to protect themselves from security risks like hacking or identity theft. They’re also sceptical that this will make a difference, as many people still feel confused about the current method of data sharing. This could be a feeling of patronizing and limit the potential for insight.

Fintechs and banks may offer a dashboard that allows 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. Wells Fargo and Chase allow customers to view the accounts that are shared and track their settings via a dashboard.