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The Daily Brief
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Tech Giant Signals Increasing Interest in Banking

Facebook is exploring integrating banking data within its Messenger app.

Facebook’s push to boost engagement has resulted in the company exploring an integration of banking data with the company’s Messenger app, according to Engadget. The app currently incorporates PayPal services.

In a scenario the wealth management industry has speculated about, the tech giant has been looking for bank partnerships to obtain data on card transactions and checking account balances, according to the report. Though the company’s recent privacy scandals are making financial institutions a little more wary about partnerships. JPMorgan said it would limit the transaction data it would potentially share.

Amazon and Google parent Alphabet have also discussed obtaining banking information.

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