Close Close

Life Health > Life Insurance

Facebook Eyed By Banks For Preferred Customer Treatment, Rewards (Huffington Post)

Your article was successfully shared with the contacts you provided.

Banks can’t put your Facebook profile in your credit file (yet), but they might give certain Facebook-using customers special treatment. Internet-only Moven Bank, which will open in July, says customers who have strong Facebook pages (i.e., more friends, more activity) will qualify for better rates and offers. Customers will also benefit when they help the bank find new customers via Facebook.

More banks are eager to use Facebook, which can provide a wealth of information about customers, to better assess lending risk or credit worthiness. For now, they’re limited to simply “eavesdropping” on customer profiles, though user-authorized bank apps can give an institution even more access.