Banks Embrace Facebook Business Model 0
They are working on plans to market you to retailers. They aren’t planning to sell your data, just allow others to use your purchasing history “for marketing purposes” (i.e., spam).
The privacy work-around it this: The banks will keep the data and serve as intermediaries for the spammers.
Getting someone to sign up for your card — $95 (annual fee). Having them miss a pay date — $25 (late fee). Being able to monetize information about everything they buy — Priceless. Well, not priceless exactly. An analyst estimates it could generate over a billion dollars yearly in additional revenue for banks — and could be a problem for start-ups in the same space.
H/T Todd at GNC for publicizing this.
