The Wall Street Journal has it wrong. Recent news that #Facebook is in talks with #banks on a solution other than “services like customer chat or account management” overlooked how the social media platform already works with banks, a representative of the social network told Bank Innovation. Facebook offers #chatbot services for Citibank customers to connect to customer […]
Bank Innovation
#Facebook has entered discussions with major U.S. #banks in an attempt to gain access to #customer #data, the Wall Street Journal reports. The exact timing of the request is not clear, but talks are reported to be currently ongoing. At a time when Facebook’s data management is under intense scrutiny, this news is unlikely to be greeted […]
Bank Innovation
PREMIUM –#Facebook has changed its stance on #cryptocurrency ads by reversing a ban it had placed on the ads only five months ago. The news didn’t do much for #bitcoin, the most well known cryptocurrency, which is trading today a little above $ 6,000. Facebook is reversing the ban it placed in January on cryptocurrency advertisers, […]
Bank Innovation
There are boundaries, with a fair amount of grey areas, around what #financial #data #Facebook will share with its partners, presumably including Royal Bank of Canada. In a massive release of information, Congress yesterday made public around 450 pages of written responses from Facebook on its data and privacy practices. The release offers the most […]
Bank Innovation
PREMIUM – #Facebook #built a bot called a “classifier” in order to identify #credit, housing, and employment ads, in order to exclude them from the social network’s “multicultural affinity” #targeting tools, but the bot #failed, and the result is that Facebook may have violated multiple federal laws concerning fair lending. This is according to new […]
Bank Innovation
#Royal #Bank of #Canada and #Facebook today offered differing versions of why the social media company continued to give the bank extraordinary #access to customer #data after Facebook said publicly that it would stop doing so. RBC said Facebook allowed it access in order to “wind down” a payments app it first unveiled in 2013. […]
Bank Innovation
The Department of Housing and Urban Development’s #investigation #into #data usage at #Facebook related to housing and financial services advertising #appears to #continue, despite signs that it had been halted earlier this year. That according to new documents released yesterday by Congress that contain written responses from the social media company on its data and privacy […]
Bank Innovation
#Facebook has formed a team to tackle #blockchain initiatives. And it has put the former PayPal President David Marcus in charge of the effort. Marcus’s involvement implies that the blockchain effort might have some financial services implications. Last December, Marcus joined the board of Coinbase, the #cryptocurrency exchange. Facebook announced a whole slew of executive changes […]
Bank Innovation
EXCLUSIVE – #Payments might not be a substantial portion of social media platform #Facebook’s revenues, but it is an important one — particularly as non-payment companies increasingly begin to launch payment capabilities for social media platforms such as Messenger. In its Q4’17 earnings call yesterday, Facebook reported a $ 193 million in revenues from payments. That’s […]
Bank Innovation
EXCLUSIVE – The latest in #PayPal’s busy week: the payments company is now letting users create an #invoice through the #Facebook #Messenger service, expanding on its recent partnership with the social media platform to enable P2P payments through Facebook’s chat service. In a corporate blogpost yesterday afternoon, PayPal announced that it would now let sellers create […]
Bank Innovation
Reply