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. The global average person’s data is held by 350 companies 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.
The Top 20 Companies Holding Brits’ Financial Data
The top companies holding Brits’ financial data are Paypal, Amazon and Apple, while ebay, Steampowered, Spotify and Argos are all in the top 20. Before Covid-19, a quarter (25%) of the top 20 companies holding Brits financial data were travel companies (Booking.com, Airbnb, Easyjet, Trainline and British Airways) compared to only 10% now.
Eventbrite is another popular company holding Brits financial data, likely because more people signed up and paid for virtual events throughout the pandemic
Of the 3.7 million data reclaims made by Mine from 280,000 consumers globally, 22% of the data reclaims 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.
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Who Are the Most Trusted Companies?
A quarter (25%) of the companies Brits most trust with their financial data, i.e. choose to keep their financial data with, are gaming companies. This has increased dramatically since before Covid when only one gaming company, Steampowered, was in the top 20. Other companies Brits most trust with their financial data are Youtube, Uber, Spotify and Coinbase
Netflix is the 6th most popular company for Brits to keep their financial data with, whereas before the pandemic it was not even in the top 20
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 efficiently implement their ‘right to be forgotten.’