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Facebook wants financial information from banks about users

Facebook would have asked a number of large American banks for financial information from users. The information includes bank balance and transfers. The goal of Facebook with this is to make users more involved with the Messenger app.

Facebook wants financial information

Facebook indicates that they want to work with banks and credit card companies to provide service via a chatbot or to manage their accounts via Messenger. Facebook wants users to stay longer on their platform and extend the possibilities of Messenger, to offer other options besides chatting.

Facebook has talked to a number of banks about which banking services Messenger can offer to users. Looking at the balance via Messenger and warning about fraud are options that are taken into consideration.

Privacy

There is still an issue. How does Facebook deal with privacy? After the scandal with Cambridge Analytica Facebook is under pressure to properly protect all data of users and not to fall into the wrong hands. One of the banks did not want to cooperate because of a privacy risk. Facebook replied that they assure the banks not to share the data with third parties and not to use it for targeted advertisements.

Privacy is of course very important. Certainly because financial data are often private and can have consequences if this information falls into the wrong hands. Facebook will have to, because every privacy mistake is too much now.

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