Banks in china have started looking for a partnership with the country ISP in order to collect more data about their customers. Over the last few years, banks in China have failed to collect information about their customers compared to Internet providers.
As per Chinese banks, they haven’t really studied much about their customers. This is the reason that they are approaching ISP to get more accurate data on their customers, so that they can serve their clients in a more efficient way as the internet companies do.
Lai, the spokesperson of bank of China says- Even though banks have all the client they are still open to learning from internet companies about how to collect data of each and every single user. Since it’s a really challenging job for Chinese banks to know each and every detail of customers hence, they are trying to make this partnership possible.
Facebook and Google have already been criticized a lot about data harvesting & fail to use their customer’s data correctly. Recently social media giant failed in maintaining their user data and shared those data with Cambridge Analytica which was used for political mapping purposes.
China tech giant Alibaba, Tencent also knows a lot about their customers. Digital Privacy in china is much more silent compared to western or any other Asian countries. Chinese companies are much happier to share their customer experience and their in-depth data to other companies to enhance their product experience, the seriousness about digital privacy in the citizen of China seems dead because of the political pressure & the economic structure. That’s why there are many more customized surveillance program active and not just digital but the physical space is much more censored.
When asked about data protection concerns in the Chinese mindset, Lai said – “That might be an issue in the Western world but I think in China, very few people worry about those things. It’s a reality