Facebook has, in fact, approached big banks, including Wells Fargo, JPMorgan Chase, Citigroup and US Bancorp, with an eye toward partnering. According to the WSJ, this is how it envisions this swap: the banks will give Facebook its users’ banking data, and the platform would give bank customers the ability to conduct business within Facebook itself – specifically, within Messenger.
People familiar with the discussions in the talks told the newspaper that one feature Facebook has talked about would show its users their checking-account balances. It’s also pitching fraud alerts, some insiders have said. The WSJ also reports that the banks have been hit up by Google and Amazon on the data-sharing front: they reportedly want to provide basic banking services on applications such as Google Assistant and Alexa.
I didn’t know whether to lauugh or cry or yell. Another word came to mind. Chutzpah.Continue Reading