ibusinesslines.com August 16, 2018

Facebook asks US banks for financial info to boost user engagement

07 August 2018, 08:01 | Kelvin Horton

Facebook might add your banking info to Messenger

Facebook wants banks to share your personal finances: Report

Facebook reportedly wants you to check your bank account on its instant message platform, Messenger.

The social media company has reportedly asked USA banks to share financial information about their customers, including checking-account balances and card transactions.

Facebook has reportedly said that it wouldn't use the data to improve its ad-targeting or share it with others.

After all, if a financial institution shares data that is later exposed in a breach, the bank may share the blame in the eyes of regulators.

Facebook maintains that if it gets the data from banks, it will use it to offer services that encourage people to spend more time on Messenger, and will not use it to target ads or share with third parties. I reached out to Facebook for comment and will update this post if I hear back.

"Facebook has talked about a feature that would show its users their checking-account balances, the people said". "We also don't have special relationships, partnerships, or contracts with banks or credit card companies to use their customers' purchase data for ads". The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt-in.

In recent months, Facebook has been scrutinized for its approach to user privacy.

"We're not using this information beyond enabling these types of experiences - not for advertising or anything else", Facebook explained in its statement.

Chase isn't "sharing our customers' off-platform transaction data with these platforms, and have had to say no to some things as a result", said JPMorgan Chase's spokeswoman Patricia Wexler, referring CNET to her statement to the Journal. (JPM), Wells Fargo & Co.

Facebook CEO Mark Zuckerberg announced in May he was rolling out privacy controls demanded by European regulators to Facebook users worldwide because "everyone cares about privacy". The company is aiming to boost user engagement, particularly with its Messenger service, after Facebook lost more than $120 billion ins market value in a single day earlier this summer.

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