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Facebook To Partner With The Banks According To Reports

According to the WSJ, Facebook is reportedly looking forward for expansion into the financial services business and has apparently asked a couple of banks in the U.S. for the client data as a major aspect of its strategy in working out the messenger application. The social networking giant contacted a few substantial banks in the United States about the issue over a year ago which included Citi Group, JP Morgan, and Wells Fargo, the journal noted on Tuesday.

It has requested the data including the account balances and card transactions as per the report. This strategy would enable Facebook to gather in more data related to its client’s financial habits and the banks will have another approach to connect with their customers, WSJ columnist Deepa Seetharaman reported. Seetharaman said that, by far most of the transactions over the credit cards are carried out off the Facebook which would pull in a significant amount of data into the servers of Facebook.

In all these happenings, what would remain onto the top of the potential banking partner’s and customer’s mind is the recent declarations by Facebook about its inability secure the client information and also the utilization of the system by malevolent performing artists hoping to trick the individuals and influence the elections. One of the banks hauled out of the talks because of some privacy concerns, said the journal.

Ian Sherr who works as an Executive editor at the CNET said in his interview with the CSBN that Facebook is attempting to end up being a single window shop throughout the web. Facebook has denied in its statement about its attempt to seek in data related to the transactions; it also said that it hopes to assist the banks regarding the customer service.

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