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4 Jan, 2016

Banks exploit your personal data to stave off competitors – Sydney Morning Herald

Thanks to advances in computing power and customers’ embrace of digital finance, banks know more than ever about what their customers are up to: whether it’s browsing the web, shopping online, visiting the mall, or interacting on social media.

Already, they are busily harnessing this vast amount of data to sell products to customers before they ask for them: pushing travel insurance to someone who’s just bought airline tickets, or suggesting a home loan to the newlywed couple. But over the coming years, it is set to get much more tailored to the individual, and far more widespread.

Read the rest: Banks exploit your personal data to stave off competitors