In exchange for potential features including fraud alerts and checking-account balance checks, Facebook is asking for some of its users' most sensitive financial information, such as their balances and where they use debit and credit cards.
Facebook wants banks to share your financial data to expand Messenger, says report. "We also don't have special relationships, partnerships, or contracts with banks or credit card companies to use their customers' purchase data for ads". Wells Fargo is "not actively engaging in data-sharing conversations with Facebook", spokeswoman Hilary O'Byrne said in an emailed statement. In an effort to better protect user data, the company earlier in March said it ended "Partner Categories", which let advertisers use information from third-party data providers such as Experian and Oracle Data Cloud.
But word Facebook is fishing for financial information comes amid concerns it has not vigilantly guarded private information.
Facebook is now facing multiple investigations related to its ties to Cambridge Analytica, the political analytics company that accessed data on up to 87 million Facebook users without their consent.
"We haven't shared any customer information or data with Facebook or any other technology platform", Dana Ripley, a spokesman for U.S. Bancorp, said in an emailed statement.
Shares of Menlo Park, California-based Facebook ended the day up 4.5 percent at $185.69. Facebook's payments product was given lower than average marks on data privacy, which measures data control, collection, retention and deletion.
"The Messenger chatbot pilot was created to be a short-term study to learn as much as possible about how conversational banking capabilities can improve our customer experience, and to learn about delivering banking information using AI", Wells Fargo's O'Byrne said in the statement.
The goal was to create new ways for Messenger to be woven into and facilitate interactions between banks and customers, according to the reports. 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.