Bank of Facebook? Financial Transactions Could Be in Social Network’s Future
Given Facebook has been so successful in making sure your girlfriend didn’t see the times you “liked” some other chick’s new profile picture (and by that we mean, “Facebook totally made sure your girlfriend saw the time you “liked” that chick’s new profile picture by pushing it up to the top of her feed even though she’s not even friends with other chick”), isn’t it only natural we allow the social network’s ever-reaching tentacles into our bank accounts as well?
Facebook has been rumored to be considering adding financial transactions and banking to its repertoire of ways it tracks our day-to-day activities, but at this point, the social network’s involvement is merely speculative. (Or, as CNet points out, it only exists in PowerPoint form.)
Facebook is said to be in talks with Australia’s Commonwealth Bank to pilot some personal finance-related services, and the media is gathering evidence that banking is Facebook’s next big push.
But for better or worse, Facebook is inextricably linked with the inadvertent (and perhaps, advertent) habit of leaking data users did not realize it was collecting — such as the time it was revealed that Facebook could out users as gay despite a lack of user-provided information confirming sexual orientation.
However, the social network is aware of the concerns users have about privacy, and Facebook’s director of global marketing solutions David Robinson addressed Facebook banking and privacy last month at a banking seminar:
“There are certain things, whether itʼs financial services, or banking where I donʼt necessarily want my friends to know exactly what Iʼm doing, right?”
“…I want to be able to go in and have an experience with my advisor or my bank and have that be a one-on-one experience.”
Full Facebook integration with banking services, alas, appear to be a ways off — but like anything Facebook decides to dabble it, it seems users might piss and moan initially before glomming on almost instantly and running any transactions available through the social network, even if a third-party app relentlessly posts to your wall that you overdrew your checking account buying female condoms and wine coolers.
Would you use Facebook to manage your bank account if you could?