Facebook wants banks to share your personal finances

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"We're not shoring up financial data", she added.

According to WSJ, Facebook doesn't want to just be a platform where you can communicate with your friends, but also a place to buy and sell goods and services.

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In brief: Facebook doesn't exactly have the best track record when it comes to data privacy, but the company isn't letting its troubled past deter it from pursuing new data sharing partnerships. Facebook is now facing multiple investigations related to its ties to Cambridge Analytica, the political analytics company that accessed data on up to 87 million Facebook users without their consent.

While banks are keen to be more innovative and offer customers ways to transact on their phones, in this instance they were too concerned about Facebook's ability to keep sensitive customer data private.

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At a time when Facebook's data management is under intense scrutiny, this news is unlikely to be greeted enthusiastically by customers of those banks called out in the story - JPMorgan Chase, Wells Fargo, Citigroup, and U.S. Bancorp. In order for Facebook to show users' banking information, Facebook would need to have access to that same data too, which it could then use to improve its ad-targeting algorithms. According to the Journal, at least one large USA bank pulled away from talks with the company as a result of privacy concerns. The company is aiming to boost user engagement, particularly with its Messenger service, after Facebook lost more than $120 billion ins market value in a single day earlier this summer. Spokeswoman Elisabeth Diana has said "we don't use purchase data from banks or credit card companies for ads". Per the WSJ's reporting, Facebook also asked for additional data, like where customers are spending their money outside of the social network.

But Facebook is still dealing with the fallout of the Cambridge Analytica scandal, which generated a lot of distrust in how the company manages its users' data.

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