Facebook faced a huge repercussion this morning after their aspirations in the financial services sector that were completely blown out of proportion by a report of Wall Street Journal. In this report, it was discussed that how the social network is already working with the banks. The spokesperson of Facebook, Elisabeth Diana stated TechCrunch that it is not asking for the data of a credit card transaction from the banks and it is not at all interested in constructing a dedicated feature for banking, in which one can interact with their accounts. In addition to this, they also stated that working with the banks is not to gather the data in order to power ad targeting and also to personalize the content, including the Marketplace products that one can see based on what the customer buy from elsewhere.
On the other hand, Facebook has already let Citibank customers in Singapore to get connected with their accounts so that they can further ping their bank’s messenger chatbot to report any kind of fraud or check their balance, or offer customer services help if they have logged out of their account. This can be done without having to wait or hold on their phone. In this mentioned chatbot integration that has no human on their other side also limit the privacy risks, which was announced in the last year and have been launched in the month of March this year.
In addition to this, Facebook is also working with PayPal and is associated with around forty countries and let their users get the receipts via messenger for their purchases. Furthermore, the expansions of these partnerships to several other financial services providers can further boost the use of Messenger by further increasing its convenience and also make it comparatively more of a centralized utility which will be quite similar to that of China’s WeChat.