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facebook banks data

A report published today on The Wall Street Journal says that Facebook wants customers’ bank details on their platform to bolster user engagement. As per the report, Facebook wants to come to a mutual arrangement with banks to share data to improve the quality of services offered to the users.

This is not the first time when a tech giant has approached banks and financial institutions to grab the large pool of data that exists with them. Earlier, attempts have been made by Google and Apple as well.

Soon the report made headlines on many tabloids; further tarnishing the image of Facebook in relation with users’ data. However, Facebook has completely denied any such “data sharing” aspect.

In an interview with TechCrunch, Facebook’s representative Elisabeth Diana said that they are working with banks but do not want users’ data or want to develop a marketplace where users could perform banking services with their platform. Instead, they want to integrate chatbot services on the Messenger to help users connect with banks easily.

A similar service already exists in Singapore where Citibank customers can opt to connect their account so that they can connect with the bank’s representative through Messenger chatbot. Facebook also works with PayPal to send receipts for purchases to customers on Messenger.

Cambridge Analytica scandal has tarnished Facebook’s image, and the infamous scandal acted as an eye opener for users. Amidst such reports, Facebook had to intervene to clear the air.

Do you think Facebook will ever understand the responsibility that comes with the massive amount of data? Express your views and keep reading at Fossbytes.

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