What’s this? This is a fictitious scenario designed to help banks build customer trust through responsible use of data and technology. Help us by joining the conversation.
Imagine this: the year is 2022. Polidor is a new entrant in the banking industry that behaves like a high-tech company…
Social Credit Scoring
Polidor has created a new product called Social Credit ScoringTM. Social Credit Scoring works by “scraping” data from social media — Facebook, Twitter, LinkedIn, Instagram etc..
It analyses all your activity: your ‘likes’, your posts, photos, mentions and reactions to your post.
- Based on photos and your movements it makes assumptions about your spending habits.
- Based on the things you ‘like’, it works out your education level and economic prospects.
- Based on mentions and reactions to your post, assesses your personal traits, e.g., whether you are a ‘leader’ or a ‘loner’.
Polidor’s AI looks for patterns in this data to calculate risk of loan default.
“We’ve come up with what we call “tell-tale”
signs of financial reliability, the details of which
are a closely-guarded secret”.
Polidor’s view is that consent is not needed because the data is publicly available i.e. you voluntarily posted that information for everyone to see.
What do you think?