It seems that pursuant to an article in the Washington Post by Ylan Q. Mui, “Banks allow ads in online checking accounts.”
Mui demonstrates how even in once thought of Social Networking sites such as Facebook, ads were considered demonic, as demonstrated in the recent Golden Globe winner film “Social Network”, the story of how Facebook came to be. Now ad are find their way into your checking account. Good or bad?
The banks are most certainly testing new efforts to bring in additional revenue and bring in new customers. According to Mui, “The charge for your breakfast at McDonald’s, for example, might be followed with an offer for 10 percent cash back on your next meal at the Golden Arches. There’s no need to print a coupon - just click the link, and the chain will recognize your debit card the next time it is swiped.” Is this really what we want?
The other issue, of course, is the continuation of a debate that has been going on for over a decade…the gathering of transaction and online behavioral data. I don’t care if someone is tracking my puchasing of the latest law journal article, plane ticket or Van’s shoes. It improves my ability to sift through all of the masses of information on the Internet. However, online banking? Doesn’t this cross the line? I’m telling you, if we don’t start creating some serious lines in the sand for what is appropriate tracking online, it will be imposed and that is not what anyone wants…well some want it.
Online, the big justification is “opt out” or “opt in”. I’m sure you can surmise which groups what which standard. I say it is near impossible for people to even understand or read the Terms of Service, let alone understand whether they are opting in when the “click”.
The advocates, and those most interested in the practice claim that the benefits outweigh any dangers. However, as our personal data depository grows online to mountains of personal information accessible to the general public (or those trusted to keep it safe), profit may very well beat out privacy without our knowledge. Just as Facebook about their constanst adjustments of the privacy settings, publishing browser habits, and the push back. It unfettered access really what is best for the general publich Zuckerman?
The result…the Federal Trade Commission is currently seeking to draft guidelines enumciating when and how companies can use personal data and when they should notify the users. I know, seems common sensical. It is rumored that “Sen. John F. Kerry (D-Mass.) has said he plans to introduce an online privacy bill.”
The question they are wrestling with…”How do we go and monetize this massive online banking channel?” “Let’s bring offers to people based on what they actually buy and what they’re interested in, and not a bunch of spam.” Everyone from DoubleClick, to Facebook, to Apple, to Microsoft, to the U.S. government is consistently mulling over this question. Will there be a time when the “mulling” is over and the access if seamless…or will this be some hodge podge maze of rules from state to state. One is for sure, there will never be a time when the collection of the data is cut off completely…there is too much money at stake to our love of all things technology and our hunger for information.
