Facebook asks USA banks for financial info to boost user engagement

Facebook asks USA banks for financial info to boost user engagement

However, Facebook said that users must opt in to linking the Messenger chat app to their bank accounts.

What that means is that if you're anxious about Facebook having any connection with banks, the WSJ's report should alarm you.

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.

Though its stock bumped on news it was seeking big banking partnerships, Facebook pushed back on the Journal's report with what Slate reported was inconsequential counterpoints meant to reassure users about what the goal of the initiative is. "A recent WSJ story implies incorrectly that we are actively asking financial services companies for financial transaction data-this is not true", Facebook said in statement.

Facebook has promised that it will not use the bank data for any ad-targeting purposes or in communications with third parties.

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According to the Journal's report, sources say the social media giant - which, for the record, has been enjoying months of controversy over its reckless handling of user data - has reached out to major banks including JPMorgan Chase, Wells Fargo, Citigroup Inc., and U.S. Bancorp to pitch "potential offerings it could host for bank customers on Facebook Messenger".

In brief: Facebook doesn't exactly have the best track record when it comes to data privacy, but the company isn't letting its troubled past deter it from pursuing new data sharing partnerships. But it denies the idea that it is seeking access to your financial data so it could fuel its ad engine or for some other objective. "We're not using this information beyond enabling these types of experiences - not for advertising or anything else". "We also don't have special relationships, partnerships, or contracts with banks or credit card companies to use their customers' purchase data for ads".

"The Messenger chatbot pilot was created to be a short-term study to learn as much as possible about how conversational banking capabilities can improve our customer experience, and to learn about delivering banking information using AI", Wells Fargo's O'Byrne said in the statement.

Wells Fargo declined to address the news. "An essential part of these efforts is keeping people's information safe and secure".

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