Publicado: Mar, Agosto 07, 2018
Financiera | Por Marilu Caballero

Facebook asks USA banks for financial info to boost user engagement

Facebook asks USA banks for financial info to boost user engagement

It's not clear if Facebook's attempts to obtain user financial data will be successful or not, but we'll likely find out in the coming months.

Facebook is asking major USA banks for financial data in order to provide more online shopping services and to track consumer spending habits, The Wall Street Journal reported.

Facebook has allegedly asked banks to share detailed financial information about innocent customers.

The petition, which went out to numerous largest banks across the country, is sure to draw criticism from many interested in retaining data privacy, particularly in an area as sensitive as personal finance. According to the Journal, at least one large USA bank pulled away from talks with the company as a result of privacy concerns.

New features could include tools that help users check their account balances or alert them about bank fraud, according to the Wall Street Journal. In an effort to better protect user data, the company earlier in March said it ended "Partner Categories", which let advertisers use information from third-party data providers such as Experian and Oracle Data Cloud.

Amish man starts ‘Uber’ service with his buggy
Hochstedler is reportedly just calling himself an Uber and not actually affiliated with the company. To ride in the Amish Uber, you must flag the driver down without using your cell phone.

Facebook acknowledged last month that it was facing multiple inquiries from United States and British regulators about a scandal involving the now bankrupt British consultancy Cambridge Analytica.

Wells Fargo decline to address the news.

Facebook is now discussing partnership ideas with firms like Citigroup Inc., Wells Fargo, and JPMorgan Chase, but the Cambridge Analytica incident has reportedly caused at least "one large US bank" to pull out of the talks. The worries around data sharing come as Facebook is under regulatory. Spokeswoman Elisabeth Diana has said "we don't use purchase data from banks or credit card companies for ads".

'We don't use purchase data from banks or credit card companies for ads'. Facebook likely hopes to capitalize on the pressure that big banks are experiencing to develop partnerships with large online platforms to reach more customers digitally.

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