Facebook's latest foray into finance highlights a tool to track personal finances and help forecast spending.
Facebook wants to provide more financial advice.
A recently approved patent from the company highlights a tool to “compare a user’s financial transactions to financial transactions of a group.” Simply, Facebook is offering a financial planning tool that allows users to benchmark their financial habits against their peers’ behavior.
While this would be an entirely new product for the social network giant, Facebook is no stranger to the world of finance. The company has pursued at least 124 patents in finance-related categories. And before proposing its cryptocurrency project, Project Libra, Facebook secured several patents related to digital currencies.
We’ve also previously highlighted how Facebook’s WhatsApp is building out WhatsApp Pay for payments in developing countries.
This recently granted patent (which was originally filed in 2013) takes a slightly new tact for the social network giant. The proposed idea resembles a personal finance management (PFM) tool that informs consumers about where they stand financially, benchmarked against the crowd.HOW THE PATENT WORKS
Facebook’s patent envisions a product similar to Mint or Qapital, where users could connect credit cards, checking, and savings accounts to track and manage their finances. Facebook would also supply in-system purchase data to get a full picture of their transaction history. continue reading the analysis on CB Insights