By Vanessa Greco, CTVNews.ca :
Ten minutes are left on your lunch break. That gives you just enough time to duck into a nearby store and gaze at the shirt you pledged to buy two paycheques ago.
Suddenly, your phone buzzes. But it’s not your boss. It’s a message warning you that, alas, you still can’t afford that long-desired top. At least not right now.
But wait, who sent you the tip revealing the stark reality of your bank balance?
Breathe easy knowing, in the very least, it isn’t your mother.
The mystery informant is actually your bank, keeping tabs on you via an increasingly personal form of marketing that’s changing the way businesses interact with consumers.
Singapore-based DBS Bank calls it a “personal concierge”: a service that knows where you are, whether you’ve been there before and what you might like to buy.
The service can track your location using data transmitted from your smartphone and sends that information over to your bank through an application that you’ve downloaded. The financial institution then alerts you to any potential discounts — or reminds you that you don’t have a lot of extra cash right now… Read more