20 September 2017
Find out more

ING retreats from plan for targeted ads based on spending history

18 March 2014  |  8059 views  |  0 ING bank branch

Following a public outcry, Dutch bank ING has pulled back from plans to enable firms to push adverts to its customers based on payments history.

Last week retail banking head Hans Hagenaars told Dutch finance newspaper Financieele Dagblad that ING was looking into how it could harness big data to target customers with adverts and offers based on their spending patterns.

"A garden centre, for example, would like to know that you spend €150 on garden plants and equipment every March. So that would be the time to make a good offer. Digial banking is growing enormously, particularly via mobile app. We not only know what people spend their money on but where they do it," Hagenaars told the paper.

The bank had hoped to run a trial later this year with a couple of thousand customers who were happy to share their data.

However, the plan kicked up a privacy debate in the Netherlands with consumer organisation Consumentenbond among those raising concerns, warning that the use of payment data for commercial reasons should "be viewed with suspicion".

In an open letter (in Dutch) published Monday on its Web site, ING has sought to placate customers, insisting that it only wanted to save customers money and that it will not share - or sell - transaction data with third parties.

The bank admits that "we have not been clear enough about this sensitive subject" and says that it will now talk to customers, regulators and privacy organisations "to determine whether and how to proceed" before deciding whether to carry out the pilot.

In 2012 MasterCard was hit by a similar rash of negative headlines over its plans to sell card transaction data to large retailers and corporations.

KeywordsBIG DATA

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

MasterCard Big Data division to build restaurant reviews site built on customer payment data

MasterCard Big Data division to build restaurant reviews site built on customer payment data

17 December 2013  |  12992 views  |  0 comments | 28 tweets | 18 linkedin
Big data to drive banks' mobile wallet strategies - Finextra research

Big data to drive banks' mobile wallet strategies - Finextra research

10 June 2013  |  20259 views  |  2 comments | 46 tweets | 35 linkedin
Under fire MasterCard bids to smooth over data privacy fears

Under fire MasterCard bids to smooth over data privacy fears

26 October 2012  |  15915 views  |  1 comments | 13 tweets | 10 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.capgemini.comvisit www.sibos.com

Top topics

Most viewed Most shared
JPMorgan Chase chief says he would fire traders dealing in bitcoin for stupidityJPMorgan Chase chief says he would fire tr...
10543 views comments | 16 tweets | 29 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10084 views comments | 6 tweets | 17 linkedin
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
9466 views comments | 21 tweets | 39 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9002 views comments | 6 tweets | 3 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
7430 views comments | 5 tweets | 4 linkedin

Featured job

Find your next job