Irish fintech Unbanx has launched an open banking tool that enables consumers to share their transactional data with popular brands in return for points-based rewards.
The app allows consumers to securely link their bank accounts via open banking and sell the aggregated and anonymised data to ethical buyers who want 100% opt-in consumer data, returning 70% of the profits from sales back to app users.
App users are rewarded with Unbanx 'points', which they can redeem with a growing range of retail partners, including Nike, Amazon, Tesco, Sainsbury's and Deliveroo.
Alan McDonald, CEO and co-founder of Unbanx says: "Until now, banks have been quietly selling the banking data of their customers to the data analytics industry, making multi-million dollar profits. Our research suggests this 'Purchase Intelligence' industry is worth billions of dollars and is only getting started.
"At Unbanx, we believe that a person should be able to benefit from the value of the data created by or about them. Individuals - rather than the corporate giants, should have ownership and control of their personal data. Unbanx allows consumers to have a choice in the matter."
The app is now available to download for free on Google Play and the Apple App Store.