Increased competition from Fintech companies forces banks to explore ways to increase profits. A popular way to do this is by selling your privacy. A profile of your personal spending habits is created and distributed to companies, organizations, and government agencies who want to track you. Like Facebook, everything you do through your bank is tracked and recorded. Hidden deep in the small print of their privacy statements is the permission for them to use your information. It is not spelled out in so many words, but it is there in the legalese.

When was the last time you got a check from Facebook, or Google for selling your information? Privacy is more than just keeping your profile safe. It is about your rights to determine how your information is used and who has access to your information. If you choose to market your data, you should at least be compensated. As banks seize the opportunity to use your private information to profit, you lose more control. Once it is out in the market, there is no taking it back. Your privacy is under attack by many institutions that hold the most data. There is no way to change the way banks, social media companies, and other businesses use their customers’ trust to profit. It is part of their business model. Regulations do not work for long. The alternative is to use the free market economy to your advantage.