ECONOMY

Facebook asks US banks for financial information to boost user engagement

The financial information asked from the banks include card transactions and checking account balances. (Reuters)

Facebook Inc has asked large US banks to share detailed financial information about their customers, as part of an effort to offer new services to users, The Wall Street Journal reported on Monday, citing people familiar with the matter.

The financial information asked from the banks include card transactions and checking account balances, according to the report.

Facebook, which is trying to deepen user engagement, has asked JPMorgan Chase, Wells Fargo & Co, Citigroup Inc and US Bancorp to discuss potential offerings it could host for bank customers on Facebook Messenger, the newspaper reported.

The social media company said it wouldn’t use the bank data for ad-targeting purposes or share it with third parties, the WSJ said.

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Last Update: Tuesday, 7 August 2018 KSA 23:36 - GMT 20:36
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