Indeed, using Messenger as a platform for interaction between banks and their clients will allow Facebook to build an ecosystem that could offer various services just like what China's WeChat is doing. The idea here is that messaging with a bank could be better than having to wait on hold over the phone. Considering that Facebook has faced a lot of criticism recently for sharing their data with other platforms, so it is highly unlikely that the banks would be interested in sharing the confidential information of their esteemed customers. Now, the latest update announced by the company comes as a part of this video chat feature for the Messenger.
The move would help Facebook pull in more information on its users' financial habits, while banks would have another way to reach out to customers, WSJ reporter Deepa Seetharaman told CBSN.
In short: this sort of service would be opt-in and Facebook has unequivocally said it won't be harvesting the data to enrich its advertising algorithms.
Facebook now has deals with several financial institutions, including PayPal and American Express that allows users to review transactions and receipts in Messenger. Banks like Capital One have been building Alexa skills for Amazon's voice assistant so customers can ask the device what their most recent transactions were, and how much is left in their accounts.
Earlier this year, Facebook's commitment in securing the privacy of its users was called into question after it came to light that a data analytics firm was able to harvest personal information of millions of Facebook users without obtaining prior consent.
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Newcastle United's opponents on the opening day of the Premier League season may be without some of their biggest names. Teams raise their game against us because we are a team with a lot of quality and we need to be ready".
The problem, of course, is that Facebook isn't the most trusted brand following its Cambridge Analytica scandal and successive screw-ups.
This concern was enough to convince one large United States bank to halt discussions with Facebook, the paper reported.
Facebook has also never denied that it gathers a truly dizzying amount of data on its users.
Facebook's decision to reverse course and ban Alex Jones' inflammatory disinformation factory is big news.
'Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management.