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Sharing financial data can help you improve your business processes and increase your profits. It can also lower your expenses. However, it’s important to consider the six considerations below before deciding whether or not to share your company’s financial data to outside organizations.

1. Check to Make Sure Services Are Legitimate

Certain scenarios (such a mortgage closing that requires instant access to a prospective doncentholdingsltd.com/keep-share-financial-data-using-top-data-room-solutions lender) work best when the customer grants one-time access, whereas others require the ability to access and share large amounts of information over a prolonged period of time. It is essential to examine the credibility of the company the app, the platform, and its history in the field, regardless of the approach. Look for reviews in third-party sites such as app stores, media and.

2. Consider the breadth of sharing of data

Experts and consumers are of the opinion that banks and fintech apps should modernize the way they share customer account details to guard against security risks like hacking or identity theft. But they’re also skeptical that this will benefit because a lot of people are uneasy about the current concept of data sharing, which may feel as a sham and hinders the potential for insights.

Fintechs and banks might offer a dashboard that allows customers to control how their account information is shared with services they use. This could include budgeting applications as well as credit monitoring software and even tracking mortgages and home values. For instance, Wells Fargo, Chase, Citi and Plaid all allow customers to see what accounts have been shared with these services and to check their settings via the dashboard.