Yeah I’m with you DB
Not likely to happen in Australia in a hurry, banks have a fairly strict criteria on the privacy of customer data, some of which is mandated by APRA rather then internally. It’s not worth their banking licenses to breach it for the sake of a few bucks.
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Actually… And seriously, f*k that guy, @no1mk3 is almost correct, but more correct than other responses. I’ll come home, turn some mood music on (Insane Clown Posse, if anyone was wondering) and put this to rest… Basically, you’re all wrong, but @no1mk3is the least amount of wrong. The answer is much more open simpler than that.
I found the article very biased, alarmist and emotional. This is a recepie for false and misleading information, which is, I suppose, the point when you consider how it’s written. It lacks evidence of any kind. And I suspect due to lack of understanding and technical know-how or simple awareness of this technology does not actually offer any context, which is very important here.
I am not surprised that FB is in discussion with financial institutions, but they are not the first.
Please read this first:
Banks now integrate with Alexa (Amazon). And this is just the start. Open Banking API is coming (@Brett , yes, regulator will approve it, in fact it will if not already is a regulatory requirement to allow third party integrations). And dare I say it’s a good thing. It allows smaller companies to create and profit from financial applications, just like banks do. It lets you, the consumer have a choise between applications that you chose to use to conduct your business or manage your money.
There are a number of these applications already, that integrate with your bank account and let you manage your funds better. Setup savings and budgeting alerts, etc. This is not new and we are not even at the tip of this iceberg. These applications have full access, much worse than what’s being worked on now.
Please understand that this is done with your explicit concent. Any argument to the country is pure paranoid delusion and lack of in-depth understanding of these platforms. Little out of scope for this post, but happy to explain how and why, as well.
As for FB, so what? It’s an organisation you love to hate, but emotion aside, I’d trust them with their mammoth investment in IT security, before I’d trust a small company trying to break through. Again, remember, huge security budget, huge and deep IT skillset and your explicit concent. I say go for it. I’d love to pay people faster via messenger, for example, than my existing online banking application or at least one of them. I’d love to be able to pick, not only what account, but what bank of like to use and I’d like it all integrated and at my fingertips…
Hope that’s enough.
As long as it is an explicit ‘opt in’ concent process, then fine. If it is the same ‘we can do what we like with any data as long as you are a member’ concent then i may be deleting myself from FB for the third time.
I only rejoined a few years ago to use it as a business tool for reputation management but truth is I’m useless at social media promotion and just got sucked in to staring at crap all the time!
Well, it’s a little more explicit then ‘tick this box’, mate. And it’s not so much FB that has access, it’s your bank granting the right level of what should be very granular access, backed up by lots of monitoring and behavioral analysis.
If this style of system is implimented without a two way request for data sharing, i won’t be playing. Hiding it in Ts&Cs might technically be explicit concent but if the only concent is answering yes/no to Ts&Cs, I’ll be deleting FB.
Convenience is one thing but i have issues with online data collection and it’s use. Not necessarily on a ‘they’re coming to get us’ point of view but just a basic principle of maintaining some iota privacy and anonymity.
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I don’t think you actually mean what you said, that would be horrible. 
And by all means, delete away, nobody is stopping you.
You can choose to connect an app to a bank account, but it’s the bank that must allow this content to be accessed (and you, by providing credentials), never the app (this would be two way and very very bad).
As for this:
Convenience is one thing but i have issues with online data collection and it’s use. Not necessarily on a ‘they’re coming to get us’ point of view but just a basic principle of maintaining some iota privacy and anonymity.
Let me blow your mind here, how I would track your real identity from this forum, as a normal user, will PM 
What i mean by two way is that you must request or approve access or communication on both sides.
Yes, you. That’s one way.
You knew what i mean’t. Most of what FB impliments, they just slip into Ts&Cs with a, ‘if you continue to use the service you tacitly agree to our new Ts&Cs’.
Little more serious than that, when you’re dealing with regulatory bodies.
There used to be a trace program that I used that would pin point an IP address down to a house. That has changed a bit I would assume with so much more mobile device connections and sharing banks of IP address’s.
Sounds like you are right on to the latest ways to identify a person or location from internet traces.
This stuff hasn’t changed in a decade. Also, users don’t have access to IP addresses.
No. I am deleting my accounts on everything and moving to Guatemala.
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