Facebook Seeking Customer Information from US Banks for financial Services

Facebook Seeking Customer Information from US Banks for financial Services

Facebook is seeking customer information from the US based banks regarding their card transaction, shopping habits and account balance to offer new financial services via its messaging app Messenger, Reported by Wall Street Journal.

 

The Social networking giant has reportedly talked to several banks including JP Morgan Chase, Citigroup, Wells Fargo and US Bancrop about the services it could provide.

 

According to the report in the Verge, IN an emailed to report Facebook denies that it is “actively asking financial services companies for financial transaction data”.

Facebook is looking to partner with banks and credit card companies to offer customer service through a chatbot in Messenger or help users manage their accounts within the app , report added.

 

It already allows users to integrate their American Express, PayPal, Mastercard account with messenger for online transactions.

 

Facebook has seen its image plummet during the past few years for its role in helping Russia meddle with the 2016 presidential election and its failure to secure customer data, such as in the recent Cambridge Analytica scandal in which as many as 87 million users had their personal information shared.

 

While Facebook is promising bankers that it will not use any financial data for ads or share it with third parties.
Even if Facebook’s reputation was not radioactive , ongoing trust issues and competitive concerns regarding data sharing between banks and fintechs makes the offer particularly unattractive.

 

Many bankers see themselves in a fight for the future over who customer will trust with their financial data, Reported by American Banker.

 

Other tech companies like Google and Amazon are also reportedly asking banks to share customer data so that they can add banking services on their voice assistants.

 

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