Home Headline News Data on Your Spending Habits a Gold Mine for Big Banks

Data on Your Spending Habits a Gold Mine for Big Banks



There are powerful new players watching what you buy so it can tailor product offerings for you, they are the banks behind your credit or debit card.

The banks want to turn data they already have on your spending habits into extra revenue by identifying likely customers for retailers. Banks are increasingly aware that they could be sitting on a gold mine of information that can be used to predict where you spend. Historically, such data has been used mostly for fraud protection.

While banks say they are moving cautiously and being mindful of privacy concerns, it is not clear that consumers are fully aware of what their banks are capable of.

Bank of America declined comment. Chase said it tries to keep disclosures simple and understandable without overwhelming consumers.

Banks insist they do not share personal information with other companies because they replace names with anonymous ID numbers. Privacy researchers, however, have shown that such data can be “de-anonymized” under the right conditions.

Consumers are not aware of the subtle nudges apps are giving them to buy, as they dig deep into your psyche and figuring out how to manipulate you.

Monday, the major US stock market indexes finished at: DJIA -268.37 to 27782.95, NAS Comp -97.48 to 8567.98, S&P 500 -27.11 to 3113.87

Volume: Trade on the NYSE came in at 785-M/shares exchanged

  • NAS Comp +29.1% YTD
  • S&P 500 +24.2% YTD
  • Russell 2000 +19.2% YTD
  • DJIA +19.1% YTD

HefX-LTN’s overall technical outlook for the major US stock market indexes is Bullish to Very Bullish in here.

Looking Ahead: Investors will not receive any notable economic data Tuesday

Stay tuned..

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S. Jack Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.