22 October 2017
visit www.avoka.com

ING retreats from plan for targeted ads based on spending history

18 March 2014  |  8094 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  |  13043 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  |  20289 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  |  15955 views  |  1 comments | 13 tweets | 10 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.atos.netvisit www.innotribe.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
10494 views comments | 22 tweets | 26 linkedin
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
10013 views comments | 17 tweets | 24 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9062 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8134 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7918 views comments | 10 tweets | 22 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job