Beyond the Swipe: What "The Verifiers" Taught Us About Data Trust

A novel, community-focused experience has emerged in the fintech sector for individuals who believe groundbreaking ideas originate from creative inspiration and insightful reading. In April, MX’s Fintech Reads was born — with its inaugural event at New York Fintech Week. Filled with everything from fiction to the latest best-selling business book, Fintech Reads brought together finance and fintech leaders for open conversations and networking opportunities about the books, business and ethical challenges, and opportunities that keep us up at night.

The event was such a hit that MX and Fintech Takes continued the conversation with a virtual Fintech Reads Book Club meeting to discuss Jane Pek's debut novel. The Verifiers spins a captivating mystery around the burgeoning world of online dating and the increasingly blurred lines between our digital and real-life personas. This witty, contemporary detective story is a sharp examination of privacy and the pervasive nature of data collection. With the ethical considerations in the data space, this book has close ties to the finance industry and was a natural choice as our first fiction selection for Fintech Reads Book Club. 

The novel introduces Claudia Lin, a sharp, Jane Austen-loving, Chinese-American woman who finds herself drawn to the secretive world of Veracity — a detective agency that specializes in vetting individuals that meet on dating apps. Clients hire Veracity to uncover the truth behind carefully curated online profiles, seeking assurance before investing emotionally or otherwise.

The Verifiers quickly establishes a world where personal data is the ultimate commodity. The online dating industry, as depicted by Pek, thrives on the accumulation and analysis of vast amounts of user information. In our book club discussion, we explored the following key themes in the book, and how it made us think about our responsibilities to our customers when it comes to data stewardship: 

The Ethics of Data Collection and Algorithmic Influence

Veracity's very existence highlights the anxieties surrounding online authenticity. The novel delves into how dating platforms collect extensive personal data, using complex algorithms not only to match individuals, but also to potentially shape their desires and choices. This raises critical questions about the extent to which users are aware of, and consent to, this level of data harvesting and algorithmic manipulation. 

The book club group discussed the important role that companies can play in consumer outcomes by influencing consumer behaviors. In the fintech industry, this may look like prompting users to deposit more of their paycheck directly into their savings account — which can benefit the consumer. Or, they can push consumers toward outcomes that are better for the business (rather than the consumer), by making the button to share more user data more visible than the button to exit a popup window. 

Privacy in the Digital Age

Claudia's investigations often involve delving deep into the digital footprints of individuals, blurring the boundaries of privacy. While the characters in the book did give permission for their data to be used, they were unaware of negative data use applications. The ease with which online information can be accessed and pieced together to form a picture of someone — accurate or otherwise — is a central theme. 

In the fintech space, there are novel (and often beneficial!) applications of user data to improve their financial lives, like non-traditional credit underwriting. If misused, however, these details can be pieced together by bad actors to facilitate financial fraud and other bad consumer outcomes.

Corporate Deceit, Data Misuse, and Surveillance

As Claudia investigates a client's suspicious death, she uncovers a web of corporate deceit within the lucrative matchmaking industry. This plotline shines a light on the potential for powerful tech companies to exploit user data for profit, control, or even more sinister purposes, often with little transparency or accountability. The novel also subtly critiques a society growing accustomed to trading privacy for convenience, whether in finding a partner or navigating daily life. 

Our book club discussion highlighted the need for extensive consumer education to make it clear what consumers are consenting to when they check a box or start using a service. In the financial services and fintech industries, consumers are sharing extremely sensitive data — which calls for a need for greater visibility and trust from those they are sharing it with. 

Building Trust and Securing the Future

Through Claudia's engaging narration and the unfolding mystery, The Verifiers serves as a timely commentary on our relationship with technology. Pek masterfully weaves together a compelling whodunit with a thought-provoking exploration of how our data is collected, controlled, and commodified, leaving readers to ponder the true cost of navigating love and life in the digital age. As financial services and fintech professionals, we owe it to our customers to think deeply about these issues and do the right thing by them and their data. Their financial outcomes depend on it!