Facebook wants your financial data to expand Messenger, says report

Facebook wants banks to share your personal finances: Report

Facebook might add your banking info to Messenger

In Facebook's worst ever public relations disaster, it admitted that up to 87 million users may have had their data hijacked by Cambridge Analytica, which was working for US President Donald Trump's 2016 election campaign.

Although Facebook began as a social hub in which users could connect with friends, it has increasingly aimed to become a platform in which users can buy and sell goods and services.

People familiar with the matter told the Journal that Facebook has considered a feature that would show its users their account balances while it also pitched fraud alerts.

The banks' primary concern with this partnership is, unsurprisingly, about data privacy.

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

Banks would like to have better integration with online platforms, but at the same time they would like their customers to use their own apps and services, rather than the services of third parties like Amazon, Google and Facebook.

Wells Fargo declined to comment.

Despite this, Facebook claimed in a statement that the data would not be used for advertisement targeting.

Facebook acknowledged last month that it was facing multiple inquiries from U.S. and British regulators about a scandal involving the now bankrupt British consultancy Cambridge Analytica. The company is aiming to boost user engagement, particularly with its Messenger service, after Facebook lost more than $120 billion ins market value in a single day earlier this summer. Unless Facebook is able to reassure the banks that it either won't have direct access to the data itself, or that the data will never be used for advertising purposes, then the company may not succeed in convincing USA banks to share their customers data.

"We haven't shared any customer information or data to Facebook or any other technology platform", said Dana Ripley, chief communications officer at US Bancorp, in an email statement.

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