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Ok. Watched an edited portion of Yes Banks presentation to analysts. My thoughts on one specific aspect that worries me as a customer. (1/n)
Ravneet Gill mentioned that Yes Bank is now the 2nd largest processor of UPI transactions (my guess is due to phonepe). He then said that the payment volumes are not the number to focus on (2/n)
He is focussed on the granular data. Who is being paid. From which account. For what product. This can be used to build data analytics for the bank and this data in turn can be monetized. (3/n)
He also snuck in an Aadhaar pay reference out there, but that's meat to a slavering pack. So let me avoid that! (4/n)
Granular Banking data is HIGHLY valuable. Its also extraordinarily personal. With this data, a bank can find out how much you earn. How much you spend. On what you spend, and how often you do. (5/n)
Banks have a duty of confidentiality to clients. Let's be clear, in absence of a court warrant or explicit instructions from the client, there should be no way this data should be used or shared. (6/n)
But Ravneet Gill mentioned the European regulations, but neatly skipped over how he plans to monetize data that should ideally be off limits (7/n)
That's because of 2 reasons. 1. If he does everything in house, it should be possible to say client data never left. 2. Data sharing on 'anonymised basis' or with 'client consent' may be permissable. (8/n)
In any case, as a consumer, I don't think I am perfectly comfortable with this direction being taken. I will certainly take pains to hide my spend across digital platforms/banks/ credit cards (9/n)
Why? Don't I want better rates on loans or more personalised ads in return for sharing my personal financial info? The question is clearly the answer here! (n/n)
