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I work around this sector. Big banks sell data to data brokers the same as telcos do. It's unlike Facebook selling your data because the people buying it aren
by ru552 5y ago
I work around this sector. Big banks sell data to data brokers the same as telcos do. It's unlike Facebook selling your data because the people buying it aren't trying to target you specifically. They are looking for market trends. You are usually aggregated around your demographic. Essentially, the banks are selling the spending behaviors of demographic X. This type of anonymous data is important to businesses like Nike and Coke because it informs their advertising messages.
- lazide 5y agoThat is incredibly disturbing.
- alex_smart 5y agoI also know that there are several companies trying to build alternative credit risk models in markets like India and Colombia, where many people do not have a credit history so the usual credit scoring models do not really work. In this case the data is certainly being used to target, or rather score you specifically.
- Nextgrid 5y agoIf this is actually true (because it has nothing to do with Open Banking), how does this comply with the GDPR?
- slivanes 5y agoIt complies because it's aggregated, no individual's data is involved.
- deleted 5y ago[deleted]
- jimhefferon 5y ago> Big banks sell data to data brokers the same as telcos do. Do they pay me for making money from me?
- foolinaround 5y agoindirectly, by providing you with 'free' services.
- mdp2021 5y agoOr low cost, as they are forced to do by the legislation anyway.
- Notanothertoo 5y agoI can't find it rn, but I think chase sells individualized data to brokers which can then be linked to online tracking id's. Google has a program for this, it links physical and digital and they use it to verify the effectiveness of their o line ad campaigns.
- yodsanklai 5y agoFacebook doesn't sell your data. https://www.facebook.com/help/152637448140583/ https://www.facebook.com/help/152637448140583/
- robbedpeter 5y agoThat's some high quality 1984 level newspeak you got there.
- Zigurd 5y agoFacebook sells access to you. It's like those safe driving apps. They don't sell your data. But they sell access to conclusions drawn from your data. That's their entire business.