Trusting some random VC-backed SAAS not to sell my data is (to me) as mad as trusting that the tide won't come in - it would be astonishing if they _didn't_ sell my data.

My bank has both commercial & cultural reasons not to sell my ID & transaction history. They might still do it anyways, but it's at least plausible that they wouldn't, if only due to the harm to their reputation if it ends up in the papers.

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Klonoar an hour ago | parent | next [-]

I trust that the VC-Backed SaaS will be beholden to not wanting to get cut off from the bank(s), meaning not selling that data. If they sell aggregate anonymized transaction data, I'm also not sure I give a shit.

At a certain point paranoia gives way to practicality.

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delichon 4 hours ago | parent | prev | next [-]

My threat model is one well placed technical employee who knows a buyer that will pay fuck you money. Judas can work at any organization and frequently does.

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jstummbillig 3 hours ago | parent | prev | next [-]

> it would be astonishing if they _didn't_ sell my data.

Sell the data to whom?

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juliusceasar 3 hours ago | parent [-]

Financial data is the most valuable data there is. Such a naive question.

	▲	AmbroseBierce 5 minutes ago \| parent [-]
		Yeah I was taken a back as well, "sell gold? To whom??" To the people buying gold, is not reasonable to have to pinpoint who exactly that might be given there is not shortage.

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workworkwork71 3 hours ago | parent | prev | next [-]

I'm a founder in this space (Fulfilled - posted above). Here's the reality: You're right that incentives matter. But selling your data would be idiotic for us, same reason it would be for your bank in that trust is the entire business model.

If we want to monetize insights from aggregated data, we'd do it in-house and offer you better products. Example: Why sell your mortgage readiness data to some broker when we could source competitive mortgage offers and present them directly to you? Keep you in our ecosystem, add value to your experience, and build a revenue stream that doesn't destroy the core product.

The wealth space is crowded. Companies that burn user trust get exposed fast and die faster. The only sustainable path is treating your data like it belongs to you and not us. Any company here who doesn't get that is building on quicksand and I'd be very surprised to hear any of the larger players engaging in those practices but maybe I'm naive.

Either way, it's why we're a Fiduciary and that blankets the entire product suite.

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bix6 4 hours ago | parent | prev [-]

You mean your bank that shares your info with its marketing partners unless you explicitly opt out, that bank?