Start-up Unbanx Puts Billion Dollar 'Purchase Intelligence' Industry into the Hands of Consumers
- Personal Finance
- 31.01.2023 11:30 am
From today, consumers across the UK and Ireland are able to profit from their purchase data via a free smartphone app. Unbanx allows individuals to easily share their spending history anonymously and securely, whilst earning rewards in the process.
The app allows consumers to securely link their bank accounts via open banking and sell the aggregated and anonymised data to ethical buyers who want 100% opt-in consumer data, returning 70% of the profits from sales back to app users. App users are rewarded with Unbanx 'points', which they can redeem with a growing range of retail partners, including Nike, Amazon, Tesco, Sainsbury's and Deliveroo.
Alan McDonald, CEO and co-founder of Unbanx said,
"Until now, banks have been quietly selling the banking data of their customers to the data analytics industry, making multi-million dollar profits. Our research suggests this 'Purchase Intelligence' industry is worth billions of dollars and is only getting started."
"At Unbanx, we believe that a person should be able to benefit from the value of the data created by or about them. Individuals - rather than the corporate giants, should have ownership and control of their personal data. Unbanx allows consumers to have a choice in the matter."
Gerard McDonald, COO and co-founder at Unbanx said,
"Allowing individuals to profit from their own personal banking data is just the start of the personal data revolution. We plan to release features that will allow people to monetise various other forms of their personal data in the future that EU and UK legislation is enabling.
"For the everyday consumer, Unbanx is the next generation rewards app, where they can earn Unbanx points by simply connecting their bank account and sharing their transaction data anonymously as they spend.
"Additionally, Unbanx app users can also earn more points by doing surveys and redeem these points for gift cards from popular brands."