Data brokerage giant Acxiom will make open its data on US consumers, with individuals able to access their own information. Does this herald a new era of transparency in data? Or will it confront consumers with just how much of their information is available?
Acxiom will make live AboutTheData in three days to US consumers, which will show Americans just what kind of information data companies have amassed about them. And that's them specifically, not an anonymous IP address or profile, according to a report in The New York Times.
The data linked to an individual's name on Acxiom's database will include biographical facts, marital status, household make-up, housing status such as the size of their mortgage, car ownership, and economic data as well as interests and recent purchases. It's a staggering amount of information collated in one place.
But US consumers can now access this information as soon as they have verified their identity. Consumers will also be able to change any data, or opt out of Acxiom's base altogether.
Acxiom chief executive Scott Howe told The New York Times: “We are not going to get anywhere by hiding, you have to make things visible. It's a little bit of a risk but I feel it's the right to do.”
Acxiom's move to open its vault is a move towards what the industry has perceived is a demand for transparency. However, some have questioned the company's motives with critics arguing it was self-serving marketing ploy or it was merely pre-empting any government regulation as data mining grows as an area of concern among privacy advocates.
But what could this mean for Australia? Acxiom, which operates locally and has been working with Seven, could not immediately be contacted about any moves to introduce something similar in Australia.
But Association for Data-driven Marketing and Advertising chief executive Jodie Sangster, who did a stint at Acxiom five years ago, told AdNews: “This sort of initiative is a step towards transparency and letting consumers have control of their data, which is a good thing. It also allows consumers to understand what is happening around data.
"There is a lot of misconception around how data is used and this will move towards dispelling some of those myths. When you take away the fear factor, you add a degree of trust.”
Sangster said the new privacy laws that comes into effect in March locally emphasises transparency with additional provisions around data collection notifications and consumer requests for information. Sangster added the new laws would not compel companies to open up its data in the manner that Acxiom will do.
What Acxiom's Howe is concerned about is the number of users who may choose to opt out of its database. “What happens of 20% of the American population decides to opt out? It would be devastating to our business,” he told NYT.
But he seems confident consumers will embrace having control of their personal information.
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.
Have something to say? Send us your comments using the form below or contact the writer at wenleima@yaffa.com.au
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.