“DataWallet is basically a digital wallet that holds all of your personal data,” says DataWallet CEO Serafin Lion Engel. “If Twitter was to give you a DataWallet you would see exactly all of the data that you create on Twitter. At the end of the day what DataWallet does is put you in control of your data. What it cannot do is protect you from anything that may happen illegally. So if Twitter really tried to cover up the fact that they were collecting their two-factor authentication data in order to advertise to you it wouldn’t show up but it would be all the more of a scandal.”
Serafin Lion Engel, founder and CEO of DataWallet, discusses his mission of putting consumers in control of their data in an interview on CNBC:
DataWallet Puts You In Charge of Your Data
DataWallet is basically a digital wallet that holds all of your personal data. If Twitter was to give you a DataWallet you would see exactly all of the data that you create on Twitter. You would see all of the data you created yourself that they have collected about you through third-party vendors. Then you can see all of the use cases that they use that data for and you can actually set permissions for how exactly your data can be used. You can download your data and you can delete data. It puts you in full control of the data that you have created on the Twitter platform.
At the end of the day what DataWallet does is put you in control of your data. What it cannot do is protect you from anything that may happen illegally. So if Twitter really tried to cover up the fact that they were collecting their two-factor authentication data in order to advertise to you it wouldn’t show up but it would be all the more of a scandal.
Data includes anything that you post, your IP address, your email address, what device you are on, etc. It’s all-encompassing. Twitter also buys a lot of data about you in order to enrich their targeting capabilities. They may buy data from Acxiom about, for instance, your financial situation, whether you have applied for credit or not all in order to more accurately show advertising to you.
Corporate Trust Is Rooted In How They Use Your Data
We work with a lot of companies in the advertising industry because a lot of companies do want to do things differently. In ad tech, they are pretty upset about the fact that a lot of companies are doing things that are unethical and they do want things to change. We work with companies in CPG, in consulting, and in a variety of different industries.
It definitely is a tough sell to companies that try to do things with your data that they would rather not have you know about. There are a lot of companies that in the past have been good data custodians and have not gotten any credit for that. They have not gone out on a limb in order to monetize their users’ data even though they could have. Up until about two years ago, it was not a hot topic, nobody was really paying attention and companies were making a lot of money selling their consumers’ data.
However, the companies who have been good data custodians and who have said we do not want to do anything that our consumers wouldn’t give us expressive consent to do with their data are jumping on board with what we’re doing right now. They’re the ones reaping the benefits because consumers will switch to companies that are putting them in charge of their data. Over 87 percent of customers say that the amount of business they do with a company depends on how much they trust it. That trust is rooted in how they’ve used their data.
New Regulations Don’t Cover Data Usage
The regulations in California and Nevada are very much focused on the sale of data, which is still a good thing. You can now issue an opt-out request for companies to not sell your data. However, it doesn’t cover usage. If, for instance, you wanted to direct the company to stop using your data for internal marketing purposes you wouldn’t be able to do that. Any data privacy regulation that is intended to put consumers in control of their data is a good thing. However, we also have to take into consideration that a lot of companies like Facebook and Amazon are really profiting from this because they are not a third party vendor. They have their own data and that really benefits them.