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Facebook Now Wants Users' Banking Information

Facebook Now Wants Users' Banking Information

Facebook wants users to start banking via its Messenger app

The Wall Street Journal recently reported that Facebook has asked top banks in the U.S. to share financial information about their customers - things like card transactions and checking account balances. This is all in an attempt to offer newer and better services for Facebook users. 

 Photo courtesy of  BankNXT

Photo courtesy of BankNXT

 

What banks are involved

Facebook has already spoken to a handful of banks, including  JPMorgan Chase, Wells Fargo, Citigroup, and U.S. Bancorp. The goal, according to Facebook, is that users would be able to use the Facebook Messenger app as a way to buy and sell goods. Facebook has also mentioned an interest in showing users their checking account balance for smarter spending. 

 

the response

Facebook's new idea has not come without pushback, as banking information is highly sensitive and Facebook has already faced some heat over violating user’s privacy in the past year. Facebook has, however, already said that it would not use the banking information for ad-targeting and that the information provided would not be shared with third parties. 

People are already using a variety of websites and apps such as PayPal, Square, and Venmo that serve their online banking app needs. This could prove to be problematic for Facebook unless they find a groundbreaking way to incorporate the banking feature into their platform. Even so, many American’s still prefer using credit and debit cards over online third party platforms for their banking needs anyway.  

 Photo courtesy of Bitcoin

Photo courtesy of Bitcoin

What are your thoughts on accessing bank information via Facebook? Let us know in the comments section below and be sure to subscribe to The Sitch for more fintech news and entertaining reads. 

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