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WSJ: Facebook Asks US Banks for Financial Info to Boost User Engagement

WSJ: Facebook Asks US Banks for Financial Info to Boost User Engagement

By    |   Monday, 06 August 2018 04:19 PM

Facebook is talking with big banks about getting access to their customers' data — like card transactions and checking account balances — to offer some new services, The Wall Street Journal reported Monday.

Over the past year, the social media giant has asked JP Morgan Chase, Wells Fargo, Citigroup, and U.S. Bancorp to discuss potential offerings it could host for bank customers on Facebook Messenger, the Journal reported, citing unnamed sources.

Facebook has talked about a feature that would show its users their checking-account balances, and has also pitched fraud alerts, the Journal reported.

But Facebook's privacy controversies have some bankers wary, with the Journal reporting that one of the banks pulled out of talks over privacy questions.

Facebook faces several investigations over its ties to political analytics firm Cambridge Analytica, which accessed data on as many 87 million Facebook users without their consent.

"A recent Wall Street Journal story implies incorrectly that we are actively asking financial services companies for financial transaction data — this is not true," a Facebook spokesperson told Axios, adding any "account linking" requires a user's consent.

"We're not using this information beyond enabling these types of experiences — not for advertising or anything else."

The news was met with a sharp climb in Facebook shares, the Journal reported. 

Facebook suffered a historic one-day drop on Wall Street last month.

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Facebook Inc. has asked large U.S. banks to share detailed financial information about their customers, as part of an effort to offer new services to users.
facebook, banks, financial, user, engagement
Monday, 06 August 2018 04:19 PM
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