Companies Facebook's talks with SA financial services firms raise eyebrows The social media platform wants to offer more targeted advertising, but the move has sparked concern about privacy BL PREMIUM

Facebook says it has met with some of SA’s banking and insurance groups in the past week to explore how the social network can help them market and distribute their products to the right customers. Facebook is collaborating with financial services companies across the globe in a move that has enabled targeted marketing, but has also raised privacy concerns. Facebook ads target users of the social network based on their use of websites and apps based on Facebook’s technologies that include Instagram and WhatsApp. For example, individuals who visit fashion websites will see ads on their Facebook feed for online retailers. "We can marry our data with that of the banks to provide relevant advice to customers," said Neil Hiltz, global head of financial services strategy at Facebook. Banks and insurers could use Facebook’s data on its users to more effectively segment their customers, ensuring the right products were marketed to the right people, Hiltz said. Mobile phones enabled one to "...