mobile privacy

Financial institutions may be starting to review how you use your smartphone to help determine credit-worthiness.

Adam and Jeannie discuss what all this could mean for mobile privacy on the customer level. Would you hand over your phone or sign off on your usage records?

Are organizations trying to redefine your mobile privacy?

We use our smartphones for many things nowadays, from banking to shopping to checking our work schedules. Our devices are collecting more data about us than we think!

Whilst it is believed that more and more companies are beginning to look at an individual’s credit history, they may now also be looking at their phone records, chats, and other online activities. Information privacy might be an illusion at this stage when every activity online can be tracked easily. However, additional security measures could be availed, such as no1bc, to gain access to secure pathways. Such applications and software can be beneficial to startups and small business owners to safeguard private data from getting into the wrong hands.

Furthermore, even a few mortgage lenders (see wholesale mortgage lender list here for reference) or banks might be interested in looking at credit histories if they are providing a loan or something similar. By seeing the credit rating of that person, the company can be more confident that the loan will be repayed. To increase credit rating, the best credit cards for building credit could be used to ensure that companies will offer loans and services to an individual based on their financial history. However, with the introduction of companies wanting to see phone records, it appears that it’s becoming more and more difficult to achieve loans.

Certain startups have discovered that there are correlations between certain mobile behaviors and a person’s likelihood to repay a loan – even something as basic as how often you charge your phone can say something about you to a bank.

How would you feel about bank employees having the ability to access and record your notes, social media posts and email accounts, then deciding whether or not you could get a mortgage based on that data?

This may be reality one day, and when you think of how much data you are actually storing in your mobile records, it can be frightening!

What does this mean for the future of banking? What about marketing?

Adam and Jeannie share some surprising statistics to help you prepare for the potential major shift in mobile privacy.

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