Facebook has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking-account balances, as it seeks to boost user engagement by offering new services, according to the Wall Street Journal.
The data would be used for Messenger features including account balance updates and fraud alerts, but not for Facebook’s other platforms. The news comes at a sensitive time for Facebook as it battles privacy concerns and adjusts its policy regarding user data.
Facebook does currently have access to financial data from some companies in order to facilitate services like customer service chats and account management. Users give Facebook permission to access their information, the company added.
„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,” the statement said. „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 using this information beyond enabling these types of experiences – not for advertising or anything else. A critical part of these partnerships is keeping people’s information safe and secure.”
The company is actively looking to get more banks and financial institutions to use Messenger. Incorporating a user’s financial information into Messenger would allow banks to offer customer service through the platform, as some credit card companies already do, Facebook said.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
