Facebook shares soar as it improves banking relationships
Facebook shares soar as it improves banking relationships
Facebook wants banks to share your personal finances: Report
07 August, 2018, 15:58
Facebook has reportedly approached several of the biggest USA banks, asking them to share their customers' financial data with the social-media giant. "We're not using this information beyond enabling these types of experiences - not for advertising or anything else".
Trying to come up with clever ways to target their users with financial services, the California-based company asked JPMorgan Chase, Wells Fargo, Citigroup and US Bancorp to share personal details of their customers in recent months, sources familiar with the matter toldthe Wall Street Journal (WSJ) on Monday.
"We're not shoring up financial data", she added. The sticking point for banks, unsurprisingly, is data privacy.
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.
FBN's Stuart Varney, Ashley Webster and Liz MacDonald on reports Facebook is asking banks for financial information about their customers.
But Facebook says that it is not actually seeking to collect information, from a data perspective, nor does it want users' shopping history. According to the Journal, at least one large US bank pulled away from talks with the company as a result of privacy concerns. Wells Fargo is "not actively engaging in data-sharing conversations with Facebook", spokeswoman Hilary O'Byrne said in an emailed statement.
When news of the potential partnerships became public, Facebook shares increased by about 3.5% through midday.
Facebook reportedly wants you to check your bank account on its instant message platform, Messenger.
JPMorgan declined to comment beyond a statement it provided the Journal, in which the bank said it isn't sharing customers' "off-platform transaction data with these platforms, and have had to say no to some things as a result". But surveys conducted previous year by the Verge, before Facebook's hellish 2018, showed the vast majority of consumers at least trust banks to safeguard their personal information. However, Facebook received good marks for "offering detailed terms of service and end-user agreements that explain how they use consumers' data", Consumer Reports said.
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