Facebook wants banks to share your personal finances

Mark Zuckerberg CEO of Facebook

Facebook has asked major banks to share financial information about their customers, such as card transactions and account balances, as it considers launching new financial products.

"Facebook has talked about a feature that would show its users their checking-account balances, the people said". Far less trusted Facebook, probably because it is in the business of marketing personal information to others, and more recent surveys have indicated user trust in the company has taken a nosedive.

Charlie Nash is a reporter for Breitbart Tech. "How much more of your personal existence are you willing to give up to continue to be a sieve of your data for a multi-billion dollar corporation?" 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.

The banks' primary concern with this partnership is, unsurprisingly, about data privacy. But a company representative said several unnamed banks and credit-card companies have voiced interest in teaming up with the social network, even proposing their own potential deals.

Shares of Facebook are up just 0.3% since the beginning of 2018 thanks to massive selloffs in March following the Cambridge Analytica saga and another rout last week following a disappointing quarterly earnings report.

The social media giant is facing lawsuits over the debacle in the USA and the United Kingdom, is being investigated by various agencies and has inspired a handful of data privacy bills in both the House and the Senate.

But Facebook is saying it won't collect any of your bank's financial or transactional information about you, and that opting into the service will only enable better integration with Facebook Messenger.

The company has also faced questions about its ability to safeguard data following a series of scandals, including a third-party app that mishandled private user information. Wells Fargo said it is "not actively engaged in data-sharing conversations with Facebook". But surveys conducted a year ago by the Verge, before Facebook's hellish 2018, showed the vast majority of consumers at least trust banks to safeguard their personal information.

Facebook already has smaller agreements with financial institutions, including PayPal and American Express, that allow users to do things such as review transaction receipts on Facebook Messenger.

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