Thursday, 16 August, 2018

Facebook might add your banking info to Messenger

Facebook wants banks to share your personal finances: Report Facebook might add your banking info to Messenger
Cristina Norman | 07 August, 2018, 15:59

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. "We're not using this information beyond enabling these types of experiences - not for advertising or anything else". Google and Amazon have reportedly also sought similar arrangements, exchanging user data for the banks' integration with the tech companies' massive platforms.

The banks Facebook reportedly approached in the a year ago include JPMorgan Chase, Wells Fargo & Co., Citigroup, and U.S. Bancorp.

Facebook has been getting cozy with your banks, but that might not be as alarming as it sounds.

Facebook Inc (FB.O) has asked large US banks to share detailed financial information about their customers, as part of an effort to offer new services to users, The Wall Street Journal reported on Monday, citing people familiar with the matter. In order for Facebook to show users' banking information, Facebook would need to have access to that same data too, which it could then use to improve its ad-targeting algorithms.

A Wall Street Journal report earlier Monday said the talks with banks are ongoing, sending shares up as much as 4 percent.

Wells Fargo declined to address the news.

But Facebook says that it is not actually seeking to collect information, from a data perspective, nor does it want users' shopping history.

When news of the potential partnerships became public, Facebook shares increased by about 3.5% through midday.

Shares of Menlo Park, California-based Facebook ended the day up 4.5 percent at $185.69.

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

What that means is that if you're anxious about Facebook having any connection with banks, the WSJ's report should alarm you.

"The Messenger chatbot pilot was created to be a short-term study to learn as much as possible about how conversational banking capabilities can improve our customer experience, and to learn about delivering banking information using AI", Wells Fargo's O'Byrne said in the statement. However, Facebook received good marks for "offering detailed terms of service and end-user agreements that explain how they use consumers' data", Consumer Reports said.

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