The following is an excerpt from Alex Perry | August 6, 2018 | ibtimes.com |
In a year packed with controversy over Facebook’s use, or misuse, of user information, the social media giant is now seeking partnerships with financial organizations. Facebook reportedly wants more U.S. banks to join its Messenger platform so it can gain greater access to users' financial information, the Wall Street Journal reported Monday.
The idea would be to get financial institutions to join Facebook’s Messenger app, which is now an entirely separate app on mobile devices. If users linked their bank accounts to their Messenger apps, they could check their account balances or get alerts about possible fraudulent charges through Messenger, according to the Journal’s report.
In theory, Messenger users would get those conveniences, while banks would get increased customer engagement. The ability to link Messenger to a bank account for quick online banking could even be a selling point for banks. Messenger has more than 70 million daily active users.
The report comes at a time when Facebook’s access to data has drawn public scrutiny. Facebook promised that the proposed features would be entirely optional and users would have to give their explicit consent before giving their data to Messenger, according to CNBC.
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