A statement about ethics in a data-centric world

Every company collects data.

Almost.

It is unfortunate what the digital business landscape did to our trust in good ethics. Just a quick test: How many of you believe that your data is used for business profits?

In fact, making money of personal data has become such an intricate norm of digital businesses, that a lot of people believe that it’s the only logical way to make money in an app-driven decade.

That’s why we’ve been communication about data ethics for a long time to demonstrate that there are still companies out there that believe and obey to fair and secure technologies.

Technologies that abstain from accessing personal data. Technologies that respect your privacy and personal sphere.

From a business perspective this may be the more strenuous path.

But in the long run, the integrity of user data is more important than the immediate cashout.

Outbank, Germany’s most popular banking app, has developed such technologies with the help of the brightest minds over many years and offers users, who want to know their data safe, an alternative.

One could actually say that a secure banking app has become the core of the Outbank philosophy.

Will a security philosophy hold when business strives?

So, just recently we’ve released this great new feature.

A financial plan that gathers all fixed costs, and shows how much money is available every month.

And on top, the opportunity to compare various contracts with deals of other providers in order to check if there are better, cheaper options out there that might suit your needs.

Among many positive reactions, some people asked us this:

But now you’ll sell the data, right? You give my data away to your partners to make money.

Is selling data the only way?

Well, the question is valid.

But do you really think, we would reject a philosophy, that we’ve built over years?

Just like that?

Of course not!

Our security technologies remain. All the data is always stored and encrypted locally.

Therefore it is impossible for us or third parties (like our partners) to access or see the data. Forwarding data, or in that respect, selling it, is therefore not an option.

So, if you were to test the financial plan, you’d see that once you click on ‘Compare’, the partner’s website opens and no data is filled in.

The mechanism here is not any different from simply opening a website on your mobile phone.

This concept might sound very complex and confusing. Especially, because hardly anyone is doing it the ‘safe way’ anymore.

If you feel like discussing data ethics further, please feel free to reach out.