Friday, 17 August, 2018

Facebook asks US banks for financial info to boost user engagement

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

Facebook has been trying for a long time to make its Messenger app a hub for commercial activity. One bank has reportedly pulled out of discussions with Facebook because of the issue.

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 told AFP on Monday.

In effect, these deals would give Messenger the ability to alert customers to fraudulent activity on their accounts or allow them to check their balances.

A JPMorgan spokeswoman told the broadsheet that the bank isn't "sharing our customers' off-platform transaction data with these platforms, and have had to say no to some things as a result". In an effort to better protect user data, the company earlier in March said it ended "Partner Categories", which let advertisers use information from third-party data providers such as Experian and Oracle Data Cloud.

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. "What is it? A data content farm for paying customers", Silver writes.

"The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt in". Citigroup and Wells Fargo refused to comment. "Facebook has told banks that the additional customer information could be used to offer services that might entice users to spend more time on Messenger". "We also don't have special relationships, partnership, or contracts with banks or credit-card companies to use their customers' purchase data for ads".

"Facebook has talked about a feature that would show its users their checking-account balances, the people said". 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.

"Account linking enables people to receive real-time updates in Facebook Messenger where people can keep track of their transaction data like account balances, receipts, and shipping updates", Facebook said Monday in a statement.

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