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.
