Facebook Seeks Financial Data from Large Banks in US

Facebook, a global messaging app, is reportedly seeking information from US big banks on customers’ banking transactions, to offer new financial services. Following this report, the social media giant has denied requesting such information.

The tech giant claimed they were looking to partner with more traditional banks in order to assist users in managing their bank accounts within the Facebook app as well as offering customer service through Facebook Messenger Chatbot. This initiative forms part of the tech giants growth advancement in improvising its chat app by adding more primary services.

The multinational tech giant had talks with JPMorgan Chase, Citigroup, Wells Fargo and U.S Bancorp. Some of these banks, have however raised privacy concerns with handling financial data. Facebook in response, assured banks that, such data will neither be used for advertisements or shared with third parties.