Shared financial data can help improve your business’s operations, increase your profits and cut costs. It’s important to take into consideration the following factors before making a decision to is scanguard legit or a scam share your financial information with third party.
1. Verify that the service is Legitimate
Certain use cases (such a mortgage closing that requires immediate access to an prospective lender) are more effective when the user grants one-time access. Other cases require the ability to tap into and share large amounts of information over a long period of time. It is crucial to look into the reputation of the firm as well as the app or the platform, and its history within the industry regardless of the method used. Look for reviews on third-party sites such as app stores, media and.
2. Think about the vastness of data sharing
Experts and consumers believe that banks and fintech apps must modernize the ways they share customer account data to protect themselves from security risks such as identity theft or hacking. But they’re also skeptical that this will make a difference because many people are still perplexed by the current notion of data sharing, which may feel patronizing and restricts the possibility of gaining insights.
Banks and fintechs might provide a dashboard that enables customers to control how their account information is shared with the services they use. This could include budgeting applications or credit monitoring software and even tracking mortgages and home values. Wells Fargo and Chase allow customers to view which accounts have been shared and monitor their settings using an interface.