How Facebook Destroyed Digital Banking

By Duena Blomstrom via

Stand up and ask your Alexa who is in your family right now. Or who lives here. Or who all she’s interacted with. Who all is she talking to?!? She doesn’t know. Isn’t that outrageous? Why hasn’t she asked?

Why does Netflix insist on the different profiles of those using in it the same subscription, but Alexa, a device designed to sit in the middle of the family hub has no clue? She’s being discreet is why. She’s careful what personal data she asks about. That’s not right.

Is this likely to change with the recent Facebook perceived data breach issue? Unlikely. Sadly that is moving us all, GAFA and banks alike even further away from honest, useful, data usage that empowers people’s life.

Let me be clear. Harvesting people’s data against their will to expose themselves and their friends to unwanted content is undoubtedly unpleasant / wrong / questionable / abominable (insert as per your own moral compass). Asking your online and mobile users if it’s ok to analyse their data in a way that will create value and help them save their coins is neither of those things – it is the decent thing to do.

One is stealing, the other, is the thing banks and credit unions had a moral duty to have delivered eons ago and haven’t. The fact that this breach will further blur the difference between data used for the evil and data used for the good with the consent of the user, is a tragedy.

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