Facebook wants financial data from America’s largest banks

Facebook asks the big banks of the USA UU That they share their customers' card transactions, their purchasing habits and current account balances to offer new financial services, as reported by The Wall Street Journal .

In an email response to the report, Facebook denies that it is "actively asking financial services companies for financial transaction data." He says he simply seeks 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 application. Similar features already exist in Messenger with integrations of American Express, Mastercard and PayPal, but Facebook is looking to expand its partnerships with more traditional banks.

It is part of Facebook's offer to expand its Messenger application from chat services to more central applications that would keep users on its platform for longer. The new initiative comes after Facebook reported a quarter with its slowest growth since 2011.

The technology giant has talked to banks like JPMorgan Chase, Citigroup, Wells Fargo and US Bancorp about what type of banking services Facebook Messenger could provide customers, said anonymous sources at WSJ. You are considering a feature that shows people their checking account balances inside Messenger and another that alerts users to fraud. "People can track their transaction data such as account balances, receipts and shipping updates," Facebook said.

Still, Facebook's reputation is affected by its recent data privacy scandal, where Cambridge Analytica misused the data of 87 million Facebook users. Sources told WSJ that banks worry about how Facebook would handle data privacy when it comes to financial information, which is often more confidential than Facebook user data.

One bank even ended talks with Facebook, citing privacy concerns, according to the report. Facebook's response has been to assure banks that they will not use data for targeted ads and will not share them with third parties.

Facebook's desire to expand into financial services reflects what its rivals are doing on their own platforms. Other technology companies such as Google and Amazon also ask banks to share customer data so they can add banking services to their voice aides, according to anonymous sources of WSJ . While on the outside, the efforts of companies seem almost equal, the confidence of people in Amazon and Google is much higher than their confidence in Facebook.

Even before Cambridge Analytica shook people's confidence in the platform, people did not trust Facebook as much as other technology companies. In a survey conducted by The Verge last year, people rated Facebook as a company they did not trust to a large extent. While Amazon gained almost as much confidence as a bank, 30 percent of people distrusted Facebook or mistrusted it in some way.

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