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Unbanx app lets people monetize their purchasing data instead of giving it away for free

Whether they like it or not, consumers have grown accustomed to websites and social media collecting their data. What they may not have realized is that banks are doing the same, selling personal purchasing data for major profits. A new app called Unbanx is giving individuals in the UK and Ireland the opportunity to share in those gains. Once users have connected the app to their bank accounts via open banking, Unbanx aggregates and anonymizes their data and sells it to ethical buyers in search of consumer data that's 100% opt-in.

Unbanx returns 70% of profits from data sales to its users in the form of points that can be redeemed with retail partners, including Nike, Amazon, Tesco, Sainsbury's and Deliveroo. In the future, the Irish startup plans to release features that allow people to monetize other forms of personal data, too. Users will also be able to earn additional Unbanx points by doing surveys. The app launched last week and is available for free on Google Play and the Apple App Store.

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According to estimates by Unbanx, the market for financial data sold by banks is USD 3 to 5 billion. As Alan McDonald, CEO and co-founder of Unbanx points out: "Until now, banks have been quietly selling the banking data of their customers to the data analytics industry, making multi-million dollar profits. Our research suggests this 'Purchase Intelligence' industry is worth billions of dollars and is only getting started. At Unbanx, we believe that a person should be able to benefit from the value of the data created by or about them. Individuals, rather than the corporate giants, should have ownership and control of their personal data."

As consumers become more savvy about what their data is worth, time for your brand to move ahead of the pack and move towards ethical, opt-in data only?