Facebook shares soar as it improves banking relationships

The social media giant is making the effort amid ongoing concerns about its ability to keep data private

Facebook had discussions with Chase, JPMorgan, Citibank, and Wells Fargo several months ago, said the source, who asked to remain anonymous.

Among the "features" Facebook is reportedly looking to create if it successfully obtains financial data is a tool that would "show its users their checking-account balances", the Journal reported.

But Facebook is still dealing with the fallout of the Cambridge Analytica scandal, which generated a lot of distrust in how the company manages its users' data.

A further Facebook foray into finance could also help it compete with the likes of upstart tech firms like PayPal's Venmo, Zelle - a Venmo competitor launched by banks themselves - or the hoard of personal finance sites and apps that have exploded in recent years.

"The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt-in", the spokesperson said, adding that keeping people's information safe is critical to its partnerships with any banking institutions. American Express customers can use Messenger to track purchases. But they also said they were stepping lightly because of possible customer concerns about data security and privacy.

Though the identity of that bank is unknown, it's not a surprise that some of Facebook's potential partners would be a bit leery of the company's business practices.




"We don't use purchase data from banks or credit card companies for ads", spokeswoman Elisabeth Diana told the Journal. (FB) is seeking to acquire financial data on its users.

Wells Fargo said in a statement that "maintaining the privacy of customer data is of paramount importance" to the bank.

Shares of Facebook are up just 0.3% since the beginning of 2018 thanks to massive selloffs in March following the Cambridge Analytica saga and another rout last week following a disappointing quarterly earnings report.

Highlighting the fact that "Facebook has been a cesspool of privacy issues for quite a while", technology writer Curtis Silver argued in a piece for Forbes on Monday that it's time to "quit Facebook before it inevitably accesses your banking data".

A spokeswoman for Citigroup said the company recognizes its customers are increasingly spending more time on social media and it wants to be where consumers are.

Facebook already offers bank account linking options, but it is only available on a small scale.

Related news:

Hot News

isis-killer-beheading-video-story-top Wilfried Zaha Wants Chelsea Transfer
Aug 07, 2018 - 22:25
Chelsea play twice before then, including in the Community Shield against title rivals Manchester City at Wembley today (3pm). Everton turned to Watford wideman Richarlison instead, and now Zaha is up for a move across London , where he is settled.

isis-killer-beheading-video-story-top Saudi Arabia appears to threaten Canada in Tweet
Aug 07, 2018 - 22:11
They are involved in a human rights row over Canada's demands for Canadian activists jailed in the kingdom to be released. Saudi Arabia has ordered roughly 15,000 Saudis studying in Canada to leave.

isis-killer-beheading-video-story-top Once-eased USA economic sanctions against Iran back in effect
Aug 07, 2018 - 17:09
Earlier in the day he assailed Iran as "a murderous dictatorship that has continued to spread bloodshed, violence and chaos". The US was an original signatory to the agreement with Iran, along with Britain, France, Germany, Russia, China and the EU.

isis-killer-beheading-video-story-top Charlotte Rae Dead: ‘The Facts Of Life’ Star Sadly Dies At 92
Aug 06, 2018 - 16:30
In April 2017 Rae announced she had been diagnosed with bone cancer after having survived pancreatic cancer seven years earlier. She was Tony-nominated in 1966 for her work in the musical " Pickwick " and in 1969 for the play " Morning, Noon, and Night ".

isis-killer-beheading-video-story-top Manchester United fans disappointed with Jerome Boateng links
Aug 06, 2018 - 16:01
Who Mourinho deploys on the right of attack might well decide just how close they go to overhauling City this season. Mourinho trialled 3-5-2 during preseason but is expected to revert back to 4-3-3 once the season starts.

isis-killer-beheading-video-story-top Mina’s Move To Man United Collapses
Aug 06, 2018 - 14:24
It seems there will be a new centre-back joining Manchester United in the next 48 hours. But the Foxes rejected a £65m bid for Maguire, which forced United to look elsewhere.

isis-killer-beheading-video-story-top Donald Trump insults LeBron James on Twitter
Aug 04, 2018 - 22:45
Maybe he did some more planning on the I Promise School . "This is a late night tweet from the PRESIDENT", Smith said. Trump also added "I like Mike!" weighing in on a longstanding debate over whether James or Jordan is a better player.

isis-killer-beheading-video-story-top Large reward offered for information on missing University of Iowa student
Aug 03, 2018 - 23:29
Mollie Tibbetts, a University of Iowa student, went missing after going out for a jog on July 18, 2018. Jack, also 20, said he doesn't believe there's a chance Tibbetts would have left on her own accord.

isis-killer-beheading-video-story-top Zimbabwe opposition leader Chamisa says won presidential election
Aug 03, 2018 - 01:24
Soldiers fired "randomly" and beat up bystanders who were not involved in the protests, said the Zimbabwe Human Rights NGO Forum. Opposition MDC party supporters protest in the streets of Harare during clashes with police on August 1.

isis-killer-beheading-video-story-top Don't miss to watch Mars tonight - it will brightest in 15 years
Aug 03, 2018 - 00:58
Telescopes staffed by employees and local volunteers will provide visitors viewing opportunities of the Red Planet. Astronomers are interested in Mars' travel path because it helps decide the best times for spacecraft to launch.

isis-killer-beheading-video-story-top Samsung Electronics' net profit down 0.09 pct in Q2
Aug 02, 2018 - 23:55
Samsung said it expected "growing demand for flexible OLED panels to drive earnings higher in the second half" of the year. According to analysts, the S9 ended up selling up to 9.5 million units, far below the initial projection of 15 million.

isis-killer-beheading-video-story-top Facebook (FB) Stock Sinks as Revenue Misses Expectations
Jul 28, 2018 - 19:53
The company said profit was up 31 percent in the second quarter at $5.1 billion as revenues rose 42 percent to $13.2 billion. Shares in other technology companies were dragged down by the social media giant, as the technology sector fell 1.9%.

isis-killer-beheading-video-story-top Blood moon across world United Kingdom left disappointed
Jul 28, 2018 - 11:13
During this time, the shadow of the earth will be between the moon and the sun. "I have been excited since last week to see the celestial event".

Demi Lovato Is Reportedly Going to Re-Enter Rehab After Hospital Treatment
Jul 26, 2018 - 21:56
The assistant entered the room and found Lovato unresponsive, tried waking her and when she couldn't, she called 911, TMZ says. The Swedish online star shared a meme that appeared to make light of the 25-year-old's situation.

isis-killer-beheading-video-story-top Federal Bureau of Investigation joins hunt for missing University of Iowa student
Jul 26, 2018 - 21:56
It's been five days since Mollie Tibbetts was last seen, but for residents in her hometown of Brooklyn it has felt like forever. Authorities search for University of Iowa student Mollie Tibbetts who was reported missing after going on an evening jog.