Facebook wants banks to share your personal finances


The financial information asked from the banks include card transactions and checking account balances, according to the report.

One large bank has reportedly pulled away from the discussion due to privacy concerns.

Facebook is now discussing partnership ideas with firms like Citigroup Inc., Wells Fargo, and JPMorgan Chase, but the Cambridge Analytica incident has reportedly caused at least "one large USA bank" to pull out of the talks. Facebook is now facing multiple investigations related to its ties to Cambridge Analytica, the political analytics company that accessed data on up to 87 million Facebook users without their consent.

But Facebook is still dealing with the fallout of the Cambridge Analytica scandal, which generated a lot of distrust in how the company manages its users' data.

"While we regularly have conversations about potential partnerships, safeguarding the security and privacy of our customers' data and providing customer choice are paramount in everything we do", Citigroup told AFP by email.

More news: Michelle’s charming message to Barack Obama as he turns 57
More news: Elderly German Men Escape From Nursing Home To Attend Metal Festival
More news: ‘Facts of Life’ actress Charlotte Rae dies at 92

The primary concern among many banks and individual customers with regards to Facebook's latest attempts at expansion is data privacy. "Facebook has told banks that the additional customer information could be used to offer services that might entice users to spend more time on Messenger". Google and Amazon have also reportedly sought banking info in order to incorporating bank services into their virtual assistants.

A recent Wall Street Journal story implies incorrectly that we are actively asking financial services companies for financial transaction data - this is not true.

Messenger can be used by businesses to help people keep track of account information such as balances, receipts, or shipping dates, according to the social network.

"The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt-in", the statement said.