A data locker is exactly like it sounds; it locks away your data. This is a relatively new field of business that entrepreneurs are tapping into to make a profit while giving their customers a unique tool for both protection and even making a few dollars of their own.
How it works: A customer signs on with a data locker service by giving them access to their spending data such as from their bank and credit card. From there the data locker company stores that data for you with the purpose of keeping it private. Essentially, it is designed to keep banks and other businesses from selling your data on your spending habits without your expressed permission. Simple right. It literally locks away your data and keeps it in storage.
How you can benefit: What is interesting about data locker services is that they can get you benefits in one of two ways. The first way is you allow them to sell certain parts of your data that you deem not worthy enough to be private, such as spending habits at a supermarket and then they sell it to make money. In turn, the supermarket and its competitors know what you like to buy and thus will mail you coupons and aids so that you shop at their stores and of course save money while doing so. Similar to the first way of benefiting from such a service is that when you allow them to sell your data, you get a cut of the profits. Say your particular set of data becomes highly valued and is thus bought very often by companies who want your business, thus you become a valued customer to the data locker service. As a result a portion of the money that they get from selling your data so often begins to go to you in the form of a check. That is right, you can profit financially off your own personal data that you want to sell.
Future Benefits: What is interesting is that some data lockers services can sell other forms of information outside of just financial data. For instance, you can allow them to monitor your computer to see what websites you frequently visit and what you search most using search engines. This would allow more coupons and other benefits, such as more customized advertising or special offers by competing companies. Others (if law allows) may sell your medical data for you, allowing you the possibility to get free samples of medicine, get opportunities to try out new medicines and procedures or even find a cheaper doctor or insurance company. What is also beneficial is that data lockers (as some cannot lock all your data away) may sell to companies that normally would not be able to afford to purchase your data such as from big companies like Face Book, AOL etc. So the little guy has an opportunity to get your business as well while you reap the rewards.
The Negative: For one this service must be paid for. It is not free unless they are either making money solely off selling data or are a bank or other institution that offers these services and can afford to make it free. The only other negative is the number of aids that might pop up in your mail box as you are allowing certain aspects of your data (the parts you choose) to be made public for sale. So your mailbox may get a little stuffed. As to any risks, there is of course the same risk with any company that you deal with, that your financial data gets stolen and thus identity theft occurs. Data Lockers can help prevent such things from occurring as they actively monitor what you’re spending, but the risk is and always shall be there.
Conclusion: I always admire people who come up with new ideas and inventions. This one especially as people may now sell some of that information to get good deals on what they like to buy most and maybe make a few bucks on the side. Something tells me though, that as simple as this service is, it has even more potential outside of security monitoring and selling data. What that is has yet to be made clear, but I expect banks and credit card companies to be offering these services on the cheap as a new source of revenue within the next few years as it becomes more main stream. Keep a look out for it as I want to see everyone be able to become a little richer.
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