Facebook wants banks to share your personal finances
07 August, 2018, 15:57 | Author: Shannon Aguilar
Facebook has asked major United States banks to share customer data to allow it to develop new services on the social network's Messenger texting platform, a banking source toldAFP on Monday.
Facebook, which is trying to deepen user engagement, has asked JPMorgan Chase (JPM.N), Wells Fargo & Co (WFC.N), Citigroup Inc (C.N) and U.S. Bancorp (USB.N) to discuss potential offerings it could host for bank customers on Facebook Messenger, the newspaper reported. Facebook tried to persuade banks to give it their users' data by promising them features such as users being able to see their checking account balances or receiving fraud alerts within Facebook Messenger.
While "data privacy" remains the "sticking point" for the banks, JPMorgan was forced to distance itself away from the negotiations despite reassurances from the company that Facebook would not share the private data with third parties.
"Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management", Facebook said in a separate statement to AFP.
What that means is that if you're anxious about Facebook having any connection with banks, the WSJ'sreport should alarm you. That app now boasts 1.3 billion users and serves as the company's commerce center.
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"The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt-in", she added. Google and Amazon have reportedly also sought similar arrangements, exchanging user data for the banks' integration with the tech companies' massive platforms. But it denies the idea that it is seeking access to your financial data so it could fuel its ad engine or for some other goal. Citigroup and Wells Fargo refused to comment. An essential part of these efforts is keeping people's information safe and secure, ' Facebook said in a statement.
Shares of Facebook are up just 0.3% since the beginning of 2018 thanks to massive selloffs in March following the Cambridge Analytica saga and another rout last week following a disappointing quarterly earnings report.
In Facebook's worst ever public relations disaster, it admitted that up to 87 million users may have had their data hijacked by Cambridge Analytica, which was working for US President Donald Trump's 2016 election campaign. Far less trusted Facebook, probably because it is in the business of marketing personal information to others, and more recent surveys have indicated user trust in the company has taken a nosedive.
Shares in the social network have regained some ground and rose 4.4 percent to close at $185.69 on Monday.
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