Bank Considering "Currency" of Social Media, Web Interactions
ONLINE PRIVACY—AUSTRALIANovember 18, 2011
The Sydney Morning Herald reports on comments by Commonwealth Bank CIO Michael Harte that in the future, the bank may begin offering incentives for customers whose "social media and other online transactions" pass through the bank's Web portal. "If you share that personal data, you can create enormous value," Harte said, adding, "we're trying to understand in a very intimate way the relationship...so that we can create value...for commercial or private consumers." The report suggests the bank "may be on to something...There is no doubt that social media interactions are emerging as a powerful currency."