Facebook wants banks to share your personal finances

Facebook wants banks to share your personal finances: Report

Facebook wants banks to share your personal finances: Report

Facebook pursued partnerships with major American banks-including Citigroup, Wells Fargo, J.P. Morgan Chase, and U.S. Bank-that would net it access to "detailed financial information about their customers, including card transactions and checking account balances", writes The Wall Street Journal.

According to the report, Facebook has asked banks "to discuss potential offerings it could host for bank customers on Facebook Messenger", as well as offer a feature to display checking account balances. A deeper integration with banks would also give Facebook another way to nudge users to shop on the platform. "We're not using this information beyond enabling these types of experiences-not for advertising or anything else".

According to The Wall Street Journal (WSJ), the latest data partnership Facebook is pursuing could involve some of the US' biggest banking organizations. "We also don't have special relationships, partnership, 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.

"We're not shoring up financial data", she added.

"We haven't shared any customer information or data to Facebook or any other technology platform", said Dana Ripley, chief communications officer at US Bancorp, in an email statement.

The dust surrounding the Cambridge Analytica data privacy incident still hasn't fully settled, but Facebook is already looking for additional ways to get its hands on user data.

Wells Fargo declined to comment.

In Facebook's worst ever public relations disaster, it admitted that up to 87 million users may have had their data hijacked by Cambridge Analytica, which was working for US President Donald Trump's 2016 election campaign.

Shares in the social network have regained some ground, and rose 4.4 percent to close at $185.69 on Monday.

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