wordpress blog stats
Connect with us

Hi, what are you looking for?

Facebook asks US banks for financial information to offer chatbot on Messenger: Report

Facebook has asked US banks for detailed financial information of their customers, including card transactions and checking-account balances to offer new financial services to users, reported the Wall Street Journal. The publication reports that the company has asked some of America’s largest banks — JPMorgan Chase, Wells Fargo, Citigroup Inc. and U.S. Bancorp — over the past year to discuss potential offerings it could host for bank customers on Facebook Messenger. The platform told banks that customer information could be used to offer services which would involve incentivising customers to spend more time on Messenger. A day later, Facebook denied that it is “actively asking financial services companies for financial transaction data.” Instead, the company said that it’s simply looking to partner with banks and credit card companies to offer customer service through a chatbot on Messenger and help users manage their bank accounts. The company said that the original report by WSJ overlooked the fact that similar features already exist on Messenger with American Express, Mastercard, and PayPal integrations. While the WSJ report indicated that Facebook is asking banks for financial information and banks are concerned about privacy of their customers and hence wary of Facebook — which is still reeling from the historic Cambridge Analytica scandal, where data of 87 million Americans was harvested without their consent. Facebook said WSJ blew the proposed partnerships way out of proportion. “The idea is that messaging with a bank can be better than waiting on hold over the phone – and…

Please subscribe/login to read the full story.
Written By

I cover health, policy issues such as intermediary liability, data governance, internet shutdowns, and more. Hit me up for tips.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ