I hope this effort turns out better than the last one. Thirty years ago First Data tried to play the “we have more data than anyone” card and turn it into a side hustle. Lawsuits followed. The side hustle was shut down. And Visa walked away with $40 million of our money.
https://www.roi-nj.com/2023/05/17/opinion/editors-desk/data-for-good-the-impetus-for-fiservs-unique-business-idea/
He came from Equifax. One of his first meetings at Fiserv was to bring in the CEO of Equifax to show/tell all the data Fiserv has on consumers. A partnership was agreed to in April 2022. This apparently made some Fiserv clients unhappy, as others wanted to be able to use the Fiserv data and felt blindsided by the partnership.
Not sure how it will work with GDPR and CCPA regulations. If the data is used in aggregate for models and overall trends (think spend trends) it is probably legal. If it will be used to target “invisible” consumers, then that seems more of a grey area. Just waiting for the CFPB investigation on this one.
Fiserv's "compassionate" management? Hard hitting journalism indeed.
This isn’t about breaches. It’s about the ownership of the data.
@yky+1mFGq8ch+3 I doubt that there will be any breaches. I can barely log into my laptop without having an issue with password resets not matching with fead vs email servers. place is a joke.
With all this data Fiserv has, you think they would care a little more about their employees and treating them right. Over worked and understaffed employees are more likely to make mistakes and a data breach of this size could be catastrophic.