According to recent reports, Facebook is aiming to partner with banks to bring more services to its apps in hopes these partnerships will integrate personal financial information to streamline user experience. As part of an effort to offer new services, the social media giant is asking banks to share financial information such as card transactions and checking account balances. Services such as buying and selling goods, viewing account balances, and fraud alerts are among the many features that Facebook hopes to integrate with bank partnerships. Facebook believes the additional customer financial information has the potential to help Facebook offer services that will increase user engagement and cause users to spend more time on the Facebook Messenger app.
Due to the extreme growth of online platforms, banks are being pressured to build relationships with web-centric companies in an effort to boost growth and gain traction in the mobile payment market. However, despite the pressure, banks seem hesitant to hand over too much control and financial information to third party platforms. As part of its quest to ascertain more data, Facebook is requesting information that reveals where its users are using credit and debit cards. Google and Amazon, meanwhile, have likewise asked banks to share data. Facebook currently has partnerships with American Express, PayPal and MasterCard, which allow users to perform various banking services and customer service inquiries through Facebook Messenger.
For more information on Facebook’s efforts to obtain financial data from banks, click here.