News on a deal between Google and Mastercard has set off privacy alarm bells yet again about how big techs harvest consumer information. Google claims it has no access to personal data from credit cards.  

Google buys credit card data for an ad tool

Google has quietly cut a deal with Mastercard to use credit card transaction data for a new tool that allows advertisers to track whether their online ads led to offline purchases,Bloomberg reports. Apparently the tech giant has paid millions of dollars for the information.

The secret deal raises broader privacy concerns about how much consumer data big techs really collect. Google insists it doesn’t have access to any personal information from its partners’ credit cards and it doesn’t share such information with partners.    

Tech alone will not cut it for digital challengers

Digital-only banks are trying to compete with incumbent financial institutions by offering state-of-the-art technology, but without a strong customer acquisition strategy many of them will fail to gain traction,Bobsguide warns.

Take Revolut, for example. The UK-based bank is now one of the fastest growing digital banking alternatives, offering non-conventional products, like currency and cryptocurrency exchange, to attract customers from underserved segments. This strategy has helped them overtake rivals in customer acquisition.

Banks face the biggest threats closer to home

It is not digital disruption, fintechs, big tech competition or even new technologies such as AI that pose the biggest threat to traditional banks,according to The Financial Brand.

“In reality, the biggest risk in banking is more cultural than structural”:  it is the lack of agility, risk aversion and the inability to embrace change and disrupt themselves. And even though the greatest threats to financial institutions are on their doorstep, these remain the most serious challenges to address.

What makes millennials tick?

The tendency to value something one already has too highly, aka the endowment effect, is just one of the behavioural factors affecting millennial spending,according to a Deloitte study. The report provides an overview of the most important behavioural biases at play, confirms and debunks myths, and gives insight into what to expect from millennials in years to come.

Here’s a taster: the review economy is alive and kicking with nearly half of millennials turning to social media during their shopping journey. But forget what you’ve heard about their need for immediate gratification: most of them are thinking of tomorrow, rather than just spending on today.


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