Facebook has asked the well-known financial institutions and banks to share their customers' financial data in an effort to start its very own financial services through Facebook Messenger. The new feature will enable customers to keep a track of their recent transactions and checking account balances, alongside getting updates from the bank's end on any support related query through Messenger only.
Facebook's Proposed Financial Support:
The Wall Street Journal was the first source to get an insight about this plan, which quoted that Facebook authorities have asked the banks and the financial institutions to give access to customers' credit transaction information and account balance. The company wished to integrate banking and financial facilities to its Messenger platform. Facebook has already been in association with some financial giants for similar service providing opportunities. Now the company is planning to move a step ahead with its financial offering in order to attract more subscribers.
Facebook's Financial Service Offerings-How Will It Help To Reinstate The Lost Glory:
Facebook's attempt to offer financial support to its users, came at a point when the company is struggling to achieve its lost glory due to the privacy conspiracies of recent past. However, the company has survived a lot with its newest tight security and privacy policies. Regarding the financial service offerings, the social media giant has also assured that the customers' financial information will be safe and these won't be used for any advertising purposes.
Facebook spokesperson Elisabeth Diana stated, "We don't use purchase data from banks or credit card companies for ads." According to CNBC, banks and financial institutions will be able to give real-time customer services to the users and solve their queries through the social media's chat box, without any hassle of phone calls. "The idea is that messaging with a bank can be better than waiting on hold over the phone - and it's completely opt-in," a statement by Facebook authorities briefed.
Major Banking and Financial Institutions' Take:
Facebook is looking forward to knotting the ties of partnership with the majority of the banks and the financial institutions for this financial services. The company even added: "A critical part of these partnerships is keeping people's information safe and secure." However, some of the popular financial institutions on their part have also started considering the proposal of Facebook's Messenger based service offerings.
