It was reported today that some of the largest banks including Wells Fargo, will begin selling consumer persona shopping data to increase revenue. Since new laws were enacted limiting fees banks charge customers, department heads say they had to find new ways to generate income for the lost revenue.
In the future, your personal data will be sold to companies in return for cash. The data will allow companies to know exactly what products you are purchasing. They plan to use the information to offer coupons and rebates to specific target markets. While many consumers will feel this is a violation of privacy, others may enjoy receiving incentives on their favorite products.
To break it down, the banks don’t actually give your personal data to retailers. They collaborate by providing stores with your shopping history, based on the information they describe as preferred target customers. The bank is the one who actually sends the incentives to their customers, who fit within the specified profile. If the customer uses the incentive, the bank gets paid a commission by the retailer.
Is “Big Brother” watching our every move or what? If you are in the habit of buying things you may not want others to know about, you may want to use cash.