Why You Should Sell Your Financial Data
Wibson’s CEO Mat Travizano just wrapped up a presentation at the Blockchain in Banking Summit in Madrid. Event attendees focused on the benefits and potential risks of blockchain in the banking industry. Some of the important topics covered included transaction velocity, fraud risk, and growth opportunities associated with new payment solutions. But what about the consumer? Where do we fit in discussions about the banking industry’s future?
We recently did an informal poll where we asked the Wibson community which data sources should be added in the Wibson app. Only one person suggested financial data. Not surprisingly, most consumers shy away from releasing their financial information because they are very concerned about releasing or sharing sensitive personal data. They don’t want their credit card stolen or bank account compromised. People are afraid to get ripped off and rightly so.
Nevertheless, when you think about it, much of your financial information is already being sold. Your credit card company sells consumer purchase information to advertisers and brands. Banks sell consumer data to lenders or push you to borrow money directly. In the U.S., mortgage information is public and gets packaged up and sold to movers, builders, decorators, gardners — everyone under the sun! The major credit bureaus, who may know more about your financial life than you know about yourself, are probably the worst. They control credit scores, get hacked, and then charge consumers to protect the very information that got stolen out from under their noses. Does this sound fair? To us at Wibson, it sounds like consumers are already getting ripped off.
Of course, certain financial information, like your bank account or credit card number, needs to be kept secret and secure. All of the companies mentioned above, however, already know how much you owe, earn, and spend and are making boatloads of money by selling your information. Why not earn more money for YOURSELF instead?
Wibson can help you do this in a safe and secure way. By creating direct connections between buyers and sellers for data transfers, managing smart contracts for every data sale, and utilizing notaries to validate data and handle any disputes that may arise, the Wibson protocol is much safer than the process of the traditional players.
As we get closer to the Wibson launch, we’ll be bringing onboard a variety of data source partners. Your financial data likely has much more earning potential for you than your social media site’s friends list or pictures of your latest vacation destination. You should profit from the data you’re generating.
Be sure to let us know what you think about selling your financial info in the response section.