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When the Bank Plays 'You've Got a Secret' With Data
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Re: Just waking up
  • 4/27/2015 7:05:44 PM
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@kq4ym

Are you much of a coupon customer? I'm not.

Only would use a coupon for a restauarant, and wouldn't be so tickled about that. Mostly, I already have an idea of what it is that I want to buy. So, I guess it would be okay if the bank had coupons for that. But, like you, I expect my tastes are often too particular to match up with the coupons that are available to someone like my bank.

Re: Just waking up
  • 4/27/2015 6:33:46 PM
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The only downsize I see if if the bank or other data collector doesn't have enough "advertiser" or sponsors to give the customer a great selection of choices based on his purchase habits. I see that quite often in supposed custon offerings I see based on my interests and spending habits.

Re: Just waking up
  • 4/9/2015 8:10:36 AM
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@James this is exactly what I'm talking about.  Get back to banking and then do the value added plans.  Have your service attractive enough that people want to use your company then add the bells and whistles.  The problem is we all feel like we NEED a bank and we've stopped expecting very much from them.  They are very good at marketing and we are buying up their services so they really don't have much reason to change.  We've seen online banks pop up with better rates but they still struggle to compete.  I don't doubt that one day we'll see some banks get back to banking for the customer not with the customer's money but I think it will take some of the smaller online banks and credit unions to shake things up a bit.

Re: Just waking up
  • 4/8/2015 12:17:57 PM
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@Seth  Thanks for the heads up on the Snowden interview, certainly something I want to see.   I am still trying to figure out why he is not discussed more in the media ?   A treasonous  traitor that no one seems to have much issue with.

 The White house systems were recently compromised by the Russia, I wonder how much the celebrity Snowden had to do with it ?

 

I am waiting for that letter from a 1st year congressmen to Putin, explaining the nature of treason in the U.S.

Re: Just waking up
  • 4/8/2015 12:07:41 PM
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@SaneIT     You are not alone that's for sure.  I agree with the general consensus along this thread, Banks seem to want to be everything other than a Bank.  The opt-in/opt-out nature of these programs is as was mentioned - purely a smoke screen.

 

They have your data whether you want it or like it - just a matter of time before they exploit it for their own objectives.

Re: Just waking up
  • 4/8/2015 9:31:59 AM
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@SaneIT. How about this idea for banks? Offer a savings account (FDIC insured) with a real interest rate, and have that savings account support and benefit from bank lending programs. (Note, I just looked to see what savings accounts are paying these days. One big commercial bank has an annual yield of 0.01% and a local savings bank offers 0.2%)

The savings/loan combination was the foundation of the banking business for many decades. Maybe they could get back to that rather than chasing the (relative) nickels and dimes that they can get from customer fees and commissions for steering investments into mutual funds.

Just to add: Yes, there is a data angle to this. Banks can still do some matchmaking with their best (wealthy) customers and the right partners and service providers.

Re: Just waking up
  • 4/8/2015 9:12:52 AM
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@PC I suspect that the business benefit for the bank, at least for now, is building goodwill with retailers and service providers. For example, it might encourage a restaurant to make Visa a preferred card over Amex.

 

Re: Just waking up
  • 4/8/2015 8:01:39 AM
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Thank you for chiming in James, I was really starting to wonder if I was the only person who thought banks should be for banking not for sending me dinner coupons.  I do the majority of my banking with a credit union with one office that is a thousand miles away from me because they take care of the financial side of things like no other bank or credit union has for me.  I appreciate the things they do for me financially like paying interest back from auto loans (yes they refund part if not all of my interest payments every year).  If they started sending me coupon books I might question what they are going to stop putting effort into and would wonder how much longer they are going to keep the programs that keep me banking with them. 

Re: Just waking up
  • 4/8/2015 6:50:33 AM
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@ Jamescon: Re" I'd rather that they get that right (protecting our assets and our identities) before moving into non-bank marketing. If they could do more to provide some decent return on my limited assets that might be a bonus for me." 

 Well said.  

If anyone is interested, you can see the John Oliver interview with Edward Snowden. Please excuse my bad language, but in the interview with public, some people were pro-government surveillance, but they were outraged at the idea that the government could see a penis shot. So this website https://cantheyseemydick.com/ (Sorry for the name) was created to show all the laws and how they affect what ever emails you may send.

 

 

Re: Just waking up
  • 4/7/2015 6:00:52 PM
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@Jamescon, i do share your sentiments and concerns that banks are venturing out beyond their stated and expected mission. Even if they profess the limited use of the data collected, over time intentions do change with the wind.

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