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What are banks doing with your financial data?

Financial Times LogoFinancial Times15h ago

What are banks doing with your financial data? - Financial Times

Quick Summary:

A report by consultancy Thinks Insights and Strategy found that people perceive sharing their credit and debit transactions as more risky than other types of data, including health information, because the benefits of doing so are less clear.

While more conservative banks devote resources to “indirectly monetise” their customers’ information by offering them better-suited offers and products, the boldest disrupters — fintechs such as Revolut, Klarna and PayPal, as well as the US bank Chase — are experimenting with selling anonymised data to advertisers.

The group says it is particularly disproportionate that the powers will allow surveillance of state benefit recipients, as well as linked accounts such as those of partners, parents and landlords.“This wide scope of data collection could create a detailed and intrusive view of the private lives of those affected,” Privacy International said in a letter to former work and pensions secretary Mel Stride.


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Article Details

Author / Journalist: Akila Quinio

Category: MarketsFinanceInvesting

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-22 @ 05:00:31 (15 hours ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 2167 words

Reading Time: 13 minutes read

Sentences: 77 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 23755291

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About Financial Times

Financial Times Logo

Main Topics: MarketsFinanceInvesting

Official Website: ft.com

Update Frequency: 11 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 10 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #3

Publisher Details

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The outlet is headquartered in United States and publishes an average of 11 news stories per day.

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  • URL: https://beamstart.com/news/what-are-banks-doing-with-17322548965420

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