exactly. And "they" are not some random hackers but the financial and other institutions themselves.
for example, Krung Thai bank shares your personal data (if you carelessly click "yes" and "I accept" on all prompts) with insurance companies such as AXA, and their banking app wants to know your location, guess why. I believe if you pay for some medicines or hospital treatment with the banking app, and/or if you get spotted in a pharmacy or hospital, you will get surprised with your insurance premium on the next year renewal.