June 22, 2021
Facebook Messenger financial services chatbot

Now, Facebook wants the Largest Banks to Share Users’ Financial Data

A Facebook Messenger financial services chatbot is currently in-the-works, as the social network asks the largest banks for users’ data…

Facebook is now asking some of the biggest banks in the United States to share customer card transactions, shopping habits, and account balances, according to a report by The Wall Street Journal. It’s requesting said information to build a new Facebook Messenger financial services chatbot.

Facebook Messenger Financial Services Chatbot Development Uncovered

Facebook states that it’s developing technology to help users manage their accounts within the Messenger app. And, it’s just simply looking to partner with banks and credit card companies to that end. Currently, the social network offers similar features in Messenger which already work with American Express, Mastercard, and PayPal. But, it wants to expand its services to work with traditional banks.

This is part of an effort to increase user engagement. If the company offered such services through its chat app, users would inevitably access it more often. And, use it more frequently for everyday transactions. Hence, expose users to more ads and/or charge convenience fees.

Facebook has talked to  JPMorgan Chase, Citigroup, Wells Fargo, and US Bancorp about offering various products to its users. Two such features include showing account balances and fraud alerts, all right inside Messenger. “People can keep track of their transaction data like account balances, receipts, and shipping updates,” Facebook explains.

But, not all the banks are on-board. In fact, one bank has already ended its talks with the social site, according to the report. Facebook is assuring the institutions it will not use the data for targeted advertising, nor will it share the information with third-parties.

However, Facebook isn’t the only company asking for such information. Google and Amazon alike are requesting user data in order to build banking services into their popular voice assistants.