Facebook to deepen links with financial institutions to improve customer service

A Facebook panel is seen at a movie festival in Cannes, France. Reuters[/caption]The social media company said users of financial firms such as PayPal, Citibank, and American Express could link their financial accounts with Facebook’s Messenger and chat with a customer service representative.The Wall Street Journal had reported that Facebook had asked banks to share detailed financial information about their customers, including card transactions and checking-account balances.A Facebook spokeswoman said the company could see some financial information from such users if they choose to opt-in, but did not use it for “advertising or anything else”.“We’re not using this information beyond enabling these (customer service) types of experiences,” Facebook said in a statement. “A critical part of these partnerships is keeping people’s information safe and secure.”The Journal report said Facebook over the past year has asked JPMorgan Chase, Wells Fargo & Co, Citigroup Inc and U.S. Bancorp to discuss potential offerings it could host for bank customers on Facebook Messenger.“The idea is that messaging with a bank can be better than waiting on hold over the phone,” the company said.