Consumers’ financial data footprints have grown 400% during pandemic

An image of data, Big Data, Consumers’ financial data footprints have grown 400% during pandemic

On average, 350 companies hold consumers’ data, and Briton’s share their financial data with 60 companies on average.

Mine, a platform helping consumers take ownership of their data online, today reveals consumers’ financial data footprint has grown by 400% since before the pandemic. 350 companies hold the global average person’s data with around 60 keeping Brits’ financial data. Findings also reveal a quarter (25%) of the top 20 companies Brits most trust to hold onto their financial data are gaming companies – unsurprising when we’ve spent 16 months locked inside.

During the COVID-19 pandemic, lockdowns globally caused the acceleration of digitalisation and acted as a catalyst for remote ways of doing things – whether shopping online, attending virtual events or staying occupied at home with more gaming, movies and music. This created a greater need for people to share their financial data with services and as a result, data from Mine has revealed people’s financial data footprint has more than quadrupled.

Top 20 companies holding Brits financial data

Of the 3.7 million data reclaims made by Mine from 280,000 consumers globally, 22% of the data reclaim made in the UK were to delete financial data – that’s 726,000 reclaims. However, there are companies that Brits trust to hold on to their financial data and choose not to reclaim from, most of the time; this is because they have a continued use case, and the consumer whose financial data they hold is still gaining value by using the service on a regular basis. 

Most trusted companies 

Gal Ringel, CEO and Co-founder of Mine says, “As the world is slowly going back to normal we expect to see a new hybrid way of consuming that will combine the digital world with the physical world. People’s financial data footprint has grown an astounding 400% since the start of the pandemic and I have no doubt the digital acceleration and use of remote services, including more online payments and sharing financial data, will continue as people utilise online services. 

This trend, combined with on-going data breaches highlights the importance of keeping a lean digital footprint by keeping track of who has our data – especially very sensitive data like our financial details. The onus also lies with businesses to make sure the financial data they hold is kept safe and sound, and importantly, once a user is done using the service, there are simple steps in to implement their’ right to be forgotten efficiently.”

READ MORE:

About Mine 

Founded in late 2018 by three experienced entrepreneurs from the cybersecurity and consumer space. Mine empowers people worldwide to become owners of their personal data and minimise online risks without changing their online behaviour. Their AI-based product works as a smart data assistant that enables digital users to discover and manage their personal data online. Mine brings a new future of equal choice and control to the internet by bridging the gap between people and companies and making privacy regulations accessible to everyone. 

For more news from Top Business Tech, don’t forget to subscribe to our daily bulletin!

Follow us on LinkedIn and Twitter

An image of data, Big Data, Consumers’ financial data footprints have grown 400% during pandemic

Amber Donovan-Stevens

Amber is a Content Editor at Top Business Tech

What will gaming look like when it goes into the...

James Ponter • 08th July 2022

One of the biggest hurdles in cloud gaming is the reluctance of ‘gamers’ to adopt the system, but developers and tech giants aren’t slowing down their move to the cloud. So, what is cloud gaming? How can we expect the landscape to look in a few years? And most importantly, what are the limitations? By...

The cost of living crisis.

TBT Newsroom • 29th June 2022

What Communication Service Providers can do to help their customers cope with the cost-of-living crisis. We’re all familiar with the rip roaring marketing slogans of our U.K. Communication Service Providers – ‘together we can’, ‘The future is bright’, ‘It’s all about you’…but sadly, these no longer appear to ring true for the millions of consumers...

Thriving In The 5G Era.

TBT Newsroom • 26th June 2022

As consumer demand rises, and network availability expands, 5G is becoming more viable for widespread use — by 2027 it’s expected to cover 75 per cent of the world’s population. However, it’s still no secret that 5G uptake is dawdling and many enterprises still aren’t enjoying its benefits.

Why Low-Latency Is So Important.

TBT Newsroom • 23rd June 2022

Consumer interest in 5G technology has been fueled by the arrival of glamorous, speedy handsets such as Apple’s iPhone 12, with 5G networks now rolled out to many towns and cities across the country.