Wednesday, August 08, 2018

Your banking data was once off-limits to tech companies. Now they’re racing to get it. -- The Washington Post

Also see Facebook's comment on the latest Facebook + data = bad meme-of-the-week below
"Many of the tech world’s major players have shown similar ambitions in tapping users' financial data, which could help companies lock in customer loyalty, help developers provide more sophisticated tools — and give advertisers lucrative clues into users' offline interests and buying intentions.

Apple and Google provide mobile-payment services that allow users to access financial information and pay for products with their phones. Amazon.com — whose founder, Jeffrey P. Bezos, owns The Washington Post — offers users a credit card issued by JPMorgan Chase. And Google last year announced a deal that would let it review and analyze roughly 70 percent of all credit and debit card transactions in the United States.

“What you purchase is the ultimate predictor of what you’ll purchase in the future. It’s an indication of your stage of life, and there’s a lot that can be packaged up and targeted based off that,” said Mike Herrick, an executive at Urban Airship, which works with companies on digital wallets and mobile engagement. “Everybody’s mad at Facebook, but they’re just one of many participants in this data ecosystem.”"
Facebook's comment, from Facebook taps banks, but for chatbots not purchase data like Google (TechCrunch)
"“A recent Wall Street Journal story implies incorrectly that we are actively asking financial services companies for financial transaction data – this is not true. Like many online companies with commerce businesses, we partner with banks and credit card companies to offer services like customer chat or account management. Account linking enables people to receive real-time updates in Facebook Messenger where people can keep track of their transaction data like account balances, receipts, and shipping updates,” [Facebook spokesperson Elisabeth Diana] told TechCrunch. “The idea is that messaging with a bank can be better than waiting on hold over the phone – and it’s completely opt-in. We’re not using this information beyond enabling these types of experiences – not for advertising or anything else. A critical part of these partnerships is keeping people’s information safe and secure.”"
Your banking data was once off-limits to tech companies. Now they’re racing to get it. -- The Washington Post
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