Big Brother Banking

Question


Scott,

I recently read an article about what CommBank can do with people’s personal data, and I am deeply disturbed. I would be willing to pay a bank to manage my money and do absolutely nothing with my data just for the right to privacy, but that isn’t how the world rolls these days. Then again, I don’t like the idea of hiding my cash in a mattress — and my employer won’t pay me in cash. Do you have any thoughts on this topic? Do I just need to take the metal colander off my head and stop being so paranoid, or is Nineteen Eighty-Four happening already?

Deanna

Scott's Answer


Hi Deanna,

Commbank aren’t messing around. Earlier this year they announced they’ll invest $5 billion in an app that will give customers ‘nudges’. Do I trust Commbank to nudge me the right way, or will they nudge me from behind? Who knows? Judging by what was uncovered in the Royal Commission, I’m going to put on a tight pair of pants.

Now, to your question, has Nineteen Eighty-Four already happened?

Of course.

Big tech hoovers up all our personal data … well almost all our personal data. The one thing they can’t track right now is what we spend our money on. Yet. But, Mark my Zuckerbergs, that’s the precious data they’ll all be gunning for in the not-too-distant future. The banks have finally worked out that they’re really in the technology business, and that they have a giant target on their backs.

Scott