The App That Offers Wifi in Exchange for (What Else?) Your Data…
March 28, 2017
•2 min read
Via
Shaunleeyh
If you’ve downloaded any of the gazillion fin-tech apps out there, you’ll notice that the first thing they want you to do is enter your banking information. I have done this many times and have several apps that I am trying out/following, like, or just straight up want to marry.
Here are a few.
There’s a fight for your data. Banks are reluctant to hand over all this data to apps (through third parties) because they’re concerned with security breaches.
Apps say banks are reluctant to hand over your data because banks clearly don’t want consumers to see the fees that they (banks) are charging. These fees are often revealed once the app combs through your data.
My position on fin-tech companies and data remains the same: take all my data. Don’t care. Save my time and save my money just don’t judge me for that Dominos pizza order at 1:00 AM.
Ready to Give Up Your Privacy for a Few Retail Deals?
Ashton Kutcher and Kevin Durant invested in a company called Zenreach that offers free wifi when you’re at a retailer (like Starbucks (SBUX) or whatever). So what?
Here’s the cool part about this: you have to log in with your Facebook (FB) account, or your email and phone, then…
“Zenreach then uses that information to create a customer database for the business, which in turn allows them to deliver targeted promotions — businesses could create different messages and offers for new customers, loyal customers, customers who need to be enticed back and so on. And because Zenreach can recognize devices once they’ve been registered, it can help businesses measure when these efforts actually bring people back into the store.”
I am bringing this to your attention because you should know by now that whenever technology is free, it means that they are giving you a free service in return for your data so they, or partners, can sell you stuff. Get into it. I am.
Originally published in the Ms. Cheat Sheet newsletter. See more from Kathryn Cicoletti at Ms. Cheat Sheet here.
Kathryn Cicoletti
Kathryn is founder of Ms. Cheat Sheet - The Daily Show for business news and education. She has over 10 years of experience working in asset management. She spent seven years as a Director at GAM, a $40 billion asset management company in Los Angeles. She started her asset management career at Julius Baer as a hedge fund research analyst in New York. Kathryn quit her job on Wall Street to educate and entertain viewers on business topics that are overly confusing (or boring!)
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