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Facebook could become your bank

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A new EU Banking Directive will enter into force on January the 13th, 2018. The directive opens the way for Facebook to become your bank.


NRK news reported that the directive gives private customers ownership of all their bank details. Then, customers can pass these on to anyone. For example, to Facebook, so they can arrange all your payments.

International giants such as Facebook, Apple, Google, and Amazon are ready to offer simple payment solutions that will lure customers away from online banking, and Norwegian competitors such as Vipps.

‘This will entail a completely new competitive situation for Vipps,’acknowledged Vipps CEO, Rune Garborg.

With a company such as a bank, you could have a simpler economic life, but perhaps also a more dangerous one, believes Tor Andreassen, professor at the Norwegian School of Economics and Business Administration (NHH).

‘All your use of Facebook today, all your likes, comments and posts say something about you as a human being. Additionally, if you release into Facebook, or other providers, your financial data, they will get a fourth, and fifth dimension of understanding of you. They may understand you better than you would like,’ said Andreassen.


© NTB Scanpix / Norway Today

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