Facebook in talks with banks to expand customer service

Facebook in talks with banks to expand customer service

Facebook in talks with banks to expand customer service

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.

The goal was to create new ways for Messenger to be woven into and facilitate interactions between banks and customers, according to the reports.

Facebook has asked larges United States banks to share detailed financial data about their customers in an effort to deepen user engagement on its Messenger platform, according to the Wall Street Journal.

In effect, these deals would give Messenger the ability to alert customers to fraudulent activity on their accounts or allow them to check their balances.

Facebook confirmed the effort in a statement to AFP, but said it was not asking for transaction data.

"We don't use purchase data from banks or credit card companies for ads", said spokeswoman Elisabeth Diana. In order for Facebook to show users' banking information, Facebook would need to have access to that same data too, which it could then use to improve its ad-targeting algorithms. I reached out to Facebook for comment and will update this post if I hear back.

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The company's decision comes at a time when it is facing several investigations for its links with political analytics firm Cambridge Analytica.

Facebook CEO Mark Zuckerberg announced in May he was rolling out privacy controls demanded by European regulators to Facebook users worldwide because "everyone cares about privacy".

Facebook has reportedly approached several of the biggest US banks, asking them to share their customers' financial data with the social-media giant. "We also don't have special relationships, partnership, or contracts with banks or credit-card companies to use their customers' purchase data for ads".

Facebook said some users opted in to accessing some financial information in its Messenger app.

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.

"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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