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August 31, 2011

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Ron

If my bank started selling my transaction history, I'd see that as an immediate breech of trust and find a bank that promised not to.

That said, in today's world I'm protected by the fact that the banks actually only capture and process limited data - so they've got almost no information to sell, i.e. they may know I bought something from Tesco for £162.50 but they don't know what.

If we finally get to a position where the banks capture the data from the POS terminal to 'give us' the full details of what, where and when we’ve bought stuff or spent our money on then perhaps that’s the time to worry. i.e. as soon as we get meaningful information on our statements, we'll need to start worrying that the bank will be selling it!

Jim Marous

Isn't this what Cardlytics and other U.S. merchant funded rewards programs are doing? Instead of selling the data, however, banks are keeping their data and applying the merchant offers on their online statements based on transactional behavior.

Lee

If this were to ever happen, and I don't think it ever would, my guesstimation is that the data and/or information probably wouldn't move the needle in the retailer warefare. Similar concept applies now within the retailers, e.g. Kroger. I buy Purina dog food and the checkout counter prints out an Alpo coupon. Brand managers will tell you that the coupon redemption stinks and has little to no impact. However, what BM's do like is the information for this scenario "consumers who bought Diet Coke also buy Lean Cuisine"; therefore a future cross promotional partnership is in play. To Jim's point the bank's are doing this but as a cross promotion between bank and retailer, giving rewards back to their existing customers. That's the battle ground Tesco has won on, and that's where banks/retailers need to focus on first.

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