Get Paid for your Data
As most of us are keenly aware, inflation soared last year in the United States, rates reaching as high as 9.1% at one point last summer. With increases of prices on daily necessities – basic things like groceries and gas – most of us have been left living under tighter financial restrictions. And with the general public looking for ways to save – or make – more money to combat the effects of inflation, we want to propose an opportunity where you, the consumer, can benefit monetarily from an asset you already have, your data.
In our last two articles (which you can find here and here) we discussed the enormous quantity of data that is being generated through consumers’ online presence as well as why this data is extremely beneficial not just for the entities collecting it (aka merchants) but also for consumers. In this post, we’ll be explaining an actual process that consumers can follow in order to make money from their data.
How It Works
Generally the data that you generate as you browse and interact with a company’s website or app goes directly back to that company. This is happening all the time without most people consciously thinking about it. But did you know that there are other external companies that are willing to pay money to get your data related to your purchases with other companies, and there’s actually a way to share it with them? In this scenario, a third party secure platform steps in to connect external companies to consumer data. The process goes like this: 1) generate financial data, 2) opt in with a third party platform, 3) decide what information you’re willing to share and with whom, 4) get paid when companies need data like what you’ve opted in to sharing. Let’s look a little more closely at each of those steps.
1. Generate Financial Data
Every time you use a credit or debit card, you’re generating financial data about yourself, your purchases, preferences, and overall financial situation. Like we’ve argued before – basically everyone is doing this already.
2. Opt In
Now that you know you have valuable data, it’s time for you to find a secure platform, like Pentadata, in order to share your data with other interested companies. Like with Pentadata, the sign up process is quite easy especially with the use of financial APIs, which are both fast and secure. (read some of our other articles about financial APIs here)
3. Decide What Info to Share
Once you sign up, the platform gains access to information from your bank accounts and credit card statements in real time. You then have an opportunity to opt in to sharing that information with companies who want access to it. You decide who gets your data and who doesn’t.
4. Get Paid
There are two ways you can get paid once you’ve opted in: first, you can get in on deals from the businesses offering them to you based on your transaction and purchase histories that you’ve shared. In this way, you would be getting “paid” every time you cash in on a deal or discount. Or second, when you simply share your data one time with another company that needs it, you can get paid a flat, one-time amount. In this scenario, a company may need financial data to run tests on a new version of their product (or something similar), and you can receive compensation straight to your bank account or financial app for choosing to participate. If you sign up with Pentadata, we will continually notify you of opportunities as they arise where you can opt in and get paid for sharing your transaction and bank data with other companies.
Nothing to Lose, So Much to Gain
Using a secure platform like Pentadata to share your data with companies and get paid for it may seem too good to be true. But like we’ve discussed before, data runs the world, and companies are willing to pay to get the data they need to generate better products and services to customers. You can be assured that you are always the one in control of your data – you decide when your data is shared and with whom. You can opt in or opt out of opportunities at any time.
And what about keeping your data private and secure? Legitimate data platforms like Pentadata are committed to keeping all their users’ data absolutely secure. The sharing of data happens through open banking APIs that remain impenetrable by anyone except those who have received permission to access it.
When you share your data with a platform like ours, you also receive ongoing financial analysis from us and real-time interpretation to keep track of your income and credit scores. Having knowledge of this could be the difference between you being able to achieve your financial goals or not.
Lastly, when you participate in thoughtfully sharing your data with other companies, you can make some extra cash that could help cover the increased costs we’re all facing these days. So why not opt in? You have so much to gain!
Interested in hearing more about how Pentadata deals with financial data? Contact us today.