Facebook asks US banks for financial info to boost user engagement

Adjust Comment Print

Facebook is asking major USA banks for financial data in order to provide more online shopping services and to track consumer spending habits, The Wall Street Journal reported.

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.

Apparently not satisfied with access to its users' call history, text messaging data, and online conversations, Facebook has reportedly asked major Wall Street firms like JPMorgan Chase and Wells Fargo to hand over their customers' sensitive financial data as part of the social media giant's ongoing attempt to become "a platform where people buy and sell goods and services".

More news: Mom accused of killing daughter had been cleared

Wells Fargo declined to comment. At least one major USA bank left talks with the company due to privacy concerns, the Wall Street Journal reports.

At any rate, according to the WSJ, Facebook is not interested in using any data it would gain from banks for ad-targeting purposes. "We also don't have special relationships, partnerships, or contracts with banks or credit card companies to use their customers' purchase data for ads". 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.

But word Facebook is fishing for financial information comes amid concerns it has not vigilantly guarded private information.

More news: Fortnite Season 5 Week 4 Challenge Guide

"We're not shoring up financial data", she added. However, the banks seem to be approaching any partnerships very carefully after the recent Cambridge Analytica privacy scandal, and one large bank has reportedly already quit talks with Facebook.

The social network is now looking at cooler growth following a years-long breakneck pace.

Don't miss out on the latest news and information.

More news: Margot Robbie Shares First Look As Sharon Tate In New Tarantino Film