As a potential lucrative revenue stream, another (nameless) company is doing this and make £9 a user by selling their users spending data to hedgefunds so the hedgefunds can predict quarterly results of certain companies by estimating demand. That company only have 100,000 users, whereas monzo has 500000 if im right? If management see this, wondering whether theyve thought about it as seems lucrative to me!
It sounds like you’d only need to sell anonymised data, since it’s just about the number of transactions a company is getting over a time period?
Given how easily researchers de-anonymised web browsing data, I’d personally prefer they didn’t!
I get that but it might even only need to be in aggregate, i.e. “12,600 people bought stuff from this Tesco between these two dates, with an average spend of £4.87”
Not sure I want to help hedge funds! Maybe monzo should publish the spending data so we can buy the shares before the hedge funds get to them
Sell my data give me a cut
Very much agree haha!
If you’re gonna do this at least offer an opt-out, I’ll happily pay for it, but if you don’t then goodbye.
Your cut is that they don’t charge you for banking.
In this case there should be a way to pay and opt-out.
Bank charges are coming… maybe not at Monzo (yet) but they are coming.
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