Certain financial institutions have reportedly developed media relations for individually targeted marketing.
Director Rohit Chopra of the Consumer Financial Protection Bureau (CFPB) has urged legislators to protect consumers by strengthening safeguards that prevent banks from collecting and using consumer data.
JPMorgan Chase and PayPal have reportedly been developing media relations offices to partner with company marketers, granting them access to customer data to create tailor-made advertisements according to each person’s unique demographics.
Director Chopra testified before the Senate Banking Committee, stating, “These plans to monetize sensitive financial transaction data are a reminder that the United States is slowly lurching toward more financial surveillance and even financial censorship.”
A representative for JPMorgan Chase actually allows customers to opt in for shopping coupons. “No transaction or other personal information is ever shared in developing these discount offers,” she said.
As the Lord Leads, Pray with Us…
- For members of the Senate Banking Committee as they consider the CFPB director’s recommendation.
- For Director Chopra to be discerning as he heads the Consumer Financial Protection Bureau.
Sources: Reuters, American Banker
