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Oh boy, missing the point on so many levels... here's one of them:
"What about privacy? The Cignifi technology looks at account information without needing it to be linked to individuals. And a consumer's identity isn't revealed to the financial services provider until she decides to engage —by requesting a quote for a scooter loan, for instance."
must read!
in list: VRM
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Marketers' demand for detailed information about individuals is at an all-time high. In the past three years, the personal-data business has exploded, with hundreds of companies tracking online behavior.
As a result, basic information about Internet users—gender, age, location, income and interests—is now a commodity, ad executives say. So, to gain a competitive edge, companies are assembling more detailed profiles about people that can include thousands of data points ranging from political interests to marital status. Recently, one online-dating service was found sending information about its users' "drug use frequency" to an online-tracking company.
Wesabe is still the best example I can think of when it comes to personal data management. they had the right attitude to my data, they got the balance between user input and platform functionality (despite the self-flagelation in the post) and I do believe they got it right. Time will tell whether they were just ahead of time (in terms of willingness of users to get closer to their data) or whether the cause of failure was as the post explains.
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otherwise sophisticated business entities regularly fail to secure key information assets and that many companies are struggling with incorporating information security practices into their operations.
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there seems to be a process-based failure under way. It's in companies' interests, internally and externally, to secure their information assets. Internally, when a company experiences a data breach, it is potentially compromising trade-secret protection on key intangible assets. Externally, it is going to get bad publicity and trust will diminish among customers, business partners and even its own employees. So securing information assets is a win/win.
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The Financial Services Authority (FSA) fined HSBC Life £1,610,000, HSBC Actuaries £875,000 and HSBC Insurance Brokers £700,000 - making a total of £3m in penalties between them.
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The FSA handed down the fines after an investigation found customer data was sent without encryption to third parties and via couriers, and left in unlocked cabinets and shelves openly.
Staff were also not given proper training over how to spot and deal with risks like identity theft, the FSA found.
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so what if I don't have a credit card or something...
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"This also gives us the confidence that the applicant is who they say they are and are resident at the address provided before the passport is despatched to them. Both the application form and IPS website makes it clear that we will be making this check to verify the identity of applicants."
well, so nationalisation or socialism is not on the horizon, according to Lord Turnbull, however, free market this ain't either.
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From the 1980s onward, the prevailing philosophy around the world was that regulation was a disagreeable necessity. It needed to be trimmed back, lightened up, and based more on principles than on rules. Particular regulations were often justified as corrections for market failure, but the overall body of regulation was itself seen as a market failure: The costs were not borne by those who imposed them. So left to itself, regulation would tend to expand beyond the optimum and needed to be cut back constantly.
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Governments collectively allowed huge imbalances to build up in the world economy. The adoption of inflation targeting based solely on prices of consumer goods allowed asset inflation to develop. The U.S. government actively encouraged subprime lending; the U.S. and other governments, because of their vested interest in growth and tax revenues, bought into the housing and consumer booms. They created a flawed regulation system and acquiesced in allowing banks to cheat by creating off–balance sheet financial vehicles. Governments were slow to spot signs of trouble and then fumbled their responses, clinging to fears about moral hazard or inflation long after they ceased to be relevant threats.
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By relying so heavily on the view of humans as rational, the paper's authors argue, economists ignore evidence of irrational behavior that is well documented in other disciplines like psychology and sociology. Even if an individual does act rationally, economists are wrong to assume that large groups of people will react to given conditions as an individual would, because they often do not. "Economic modeling has to be compatible with insights from other branches of science on human behavior," they write. "It is highly problematic to insist on a specific view of humans in economic settings that is irreconcilable with evidence."
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When certain price and risk models came into widespread use, they led many players to place the same kinds of bets, the authors continue. The market thus lost the benefit of having many participants, since there was no longer a variety of views offsetting one another. The same effect, the authors say, occurs if one player becomes dominant in one aspect of the market. The problem is exacerbated by the "control illusion," an unjustified confidence based on the model's apparent mathematical precision, the authors say. This problem is especially acute among people who use models they have not developed themselves, as they may be unaware of the models' flaws, like reliance on uncertain assumptions.
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depressing. this is not new and has been part of the conman's bag of tricks throughout the ages. disturbing to see it deployed by 'respectable' companies. this is one of the reasons I work on VRM and Mine!
interesting but suspect - anyone uses business and marketing/branding campaigns as examples of real innovation is missing a beat or two. Sorry.
analysis of Commercial Mortagage Backed Securities, detailed and sound
this is one of the best, well, descriptions of a situation that's both absurd and explains a lot!
at last someone who is not beating up capitalism.
a very misguided article for many reasons. the ultimate is holding up 'french capitalism' as an example. Shurely shome mishtake?!
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