I’m not sure what to make of this. On one hand I suppose it’s a nifty idea, that TD Ameritrade will allow it’s customers linke their facebook accounts so they can make deposits, buy ETFs and stocks directly from their Facebook messenger. I’m hoping customers asked for it, because I know I use online brokers and this idea would never fly with me. It just sounds like a whole lot of bad news waiting to happen.
I mean, yes there is going to probably be a spike in activity as users don’t even have to leave Facebook in order to trade but really, how secure is your facebook account compared to your brokerage? The idea of doing everything through a chatbot is part of this social mediafication of every thing Internet, which is great in theory but kind of sort of disturbing when you consider its implications both for information security and investment performance. I mean, how well are you going to do if you’re placing orders and buying stocks in between chatting with your college buddy who you don’t really like but who keeps throwing unrelenting “sup”‘s in your inbox. I don’t know.
But whether we asked for it or not, it is there and there’s nothing to do but observe. And for that, we thank God.