The The Next Web writes that you will soon be “empowered” by having every mundane aspect of your life mined for data:
Are you only as good as the company you keep? Before you accept that next friend request, consider what that person says about you, what that association might eventually cost, or be worth – even in the financial sense.
Where you live, who you friend on Facebook, the frequency you shop at Trader Joe’s, how much you spend – all of this information will be picked up, shared, and analyzed amongst the various connected devices and services you use.
This wealth of data will also be applicable to your financial decisions. “Who you are” as a consumer will no longer be based solely on your purchases, investments or credit file, but will also consider your daily routines, such as browsing the Internet, where you shop, and more.
Technology and new services are now making it possible to incorporate entirely new, more relevant data into a credit profile — data that is mostly consumer controlled or contributed and generated by simply gathering and delivering your lifestyle data. Data that should provide better indicators of your financial success as a borrower.
A pool of very useful, very personal data will accumulate, and can be used to help you make more informed, even very complex, decisions.