Facebook to Banks: Give Us Your Data, We'll Give You Our Users
The social-media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking-account balances, as part of an effort to offer new services to users.
Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends.
The company over the past year asked JPMorgan Chase, Wells Fargo, Citigroup, and U.S. Bancorp to discuss potential offerings it could host for bank customers on Facebook Messenger, people familiar with the matter said.
Facebook has talked about a feature that would show its users their checking-account balances, the people said. It has also pitched fraud alerts, some of the people said.
Data privacy is a sticking point in the banks’ conversations with Facebook, said people familiar with the matter. The talks are taking place as Facebook faces several investigations over its ties to political analytics firm Cambridge Analytica, which accessed data on as many 87 million Facebook users without their consent.
One large U.S. bank pulled away from the talks due to privacy concerns, some of the people said.
At: https://www.wsj.com/articles/facebook-to-banks-give-us-your-data-well-give-you-our-users-1533564049
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