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Facebook asks banks to share financial information about their customers

Tuesday 7 August 2018 | 10:42 AM CET

Facebook had asked banks to share detailed financial information about their customers, including card transactions and checking-account balances, Reuters has cited The Wall Street Journal.

The reason behind this request is Facebook’s intention to enable banks and financial institutions improve their customer service. The social media company said users of financial companies such as PayPal, Citibank and American Express could link their financial accounts with Facebook’s Messenger and chat with a customer service representative.

A Facebook spokeswoman said the company could see some financial information from such users if they choose to opt-in, but did not use it for “advertising or anything else”.

The Journal report said that since the beginning of 2018 Facebook has asked JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp to discuss potential offerings it could host for bank customers on Facebook Messenger.

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