Dynamic Privacy, protection of ‘my data’, Friend Connect | what is all the fuss about?
By that I mean – clearly Facebook wants to keep their user’s data in their system, but they have to answer all our demands for allowing user’s to move their data or at least access their data – from remote locations.
The one common attribute they all share is that the issue is not clearly outlined. Here are some facts, and background from what I see.
What is “your data” that they are discussing?
- personal information; name, address, phone, email, other contact data
- friends contact information; your address book in essence, and whatever contact information you have there
- your buying habits, your opinions, your views
- your friends habits, your opinions, your views
Where is your data?
This is where it gets interesting – given the above definition, your data is obviously in many places:
- web mail (gmail, yahoo mail, etc)
- your computer – Microsoft Outlook, Evolution, Mac email, etc
- your social network – Facebook, Mebo, Hi5 etc.
- your online merchants – Banks, ecommerce sites (plus a host of offline day to day merchants, telco’s, electricity providers, etc etc etc)
At one level, they are all attempting basically the same thing – attempting to find ways to have access to as much data as possible, especially 2, and 4 above, and matching that to 1, and 3. The underlying assumption is that if your friends choose something this increases the likelihood that you will adopt the same preferences.
In short all this “social media” effort by the big guys is an attempt to automate methods of advertising to you in a more meaningful way. This represents the crux of the matter – the perceived value of your data and how that will translate into meaningful advertising, and sales.
These company’s have plans to use the data above, watch it as people browse, and offer up insights to advertisers that they can base their advertsing upon.
There we are – some things that are going on, that I think is worth watching.
Relevance to Bankwatch:
This in its infancy and is mainly being debated amongst the geeks at the moment. But it is something to watch, and will be on us before we know it. Banks need a position, and will have some tough decisions to make.