Wells Fargo Adds AI Enhancement to Mobile App, Giving Personalized Account Insights to Customers Nationwide
February 13 2018 - 9:00AM
Business Wire
Artificial intelligence analyzes account
information to provide tailored guidance and helpful tips for
better financial decision-making.
Today Wells Fargo & Company (NYSE: WFC) announced that
mobile banking deposit customers nationwide now have access to a
predictive banking feature that analyzes account information,
providing mobile app users with tailored account insights and
personalized financial guidance. The feature is the latest in a
series of innovations aimed at providing customers a more
comprehensive view of their finances, and increased control to
advance their financial health and meet financial goals.
Insights range from flagging higher-than-normal automatic
monthly payments so that customers may look into a change to a
reoccurring bill, to reminding a customer to transfer money from
savings to a checking account to avoid a possible upcoming
overdraft. Conversely, if a customer has more money than usual in a
particular month, they may be prompted to transfer money into
savings. Currently there are over 50 different prompts a customer
can receive based on past and expected future account activity,
with plans to continue adding new insights regularly. The feature
will expand to small business and credit card customers later this
year. Visit Wells Fargo Stories to see this technology in
action.
“We understand the importance of not only providing customers
with insight into their spending habits, but providing it to them
where they already are, which is increasingly on a mobile phone,
and in a format that allows them to take immediate action,” said
Katherine McGee, head of Digital Product Management for Wells Fargo
Virtual Channels. “Predictive banking is another tool to help
customers lead financially healthy lives.”
The predictive banking feature aims to streamline the abundance
of information available in customer accounts. For instance, upon
buying an airline ticket, a customer may be prompted to set up an
account travel plan for their upcoming trip, alerting the bank to
potential transactions in other states/countries and avoiding
potential issues with their cards. Customers can access the
predictive banking insights by tapping the blue light bulb icon on
the account information screen of their mobile banking app.
“We’ve been exploring how AI can help our customers improve
their financial health in the moment,” said Steve Ellis, head of
the Innovation Group. “This tool gives our customers insight into
how they’re managing their finances, and it’s presented in a way
that is personalized and easy to understand. Having information in
the palm of their hands can help lead customers to take action and
make more informed financial choices.”
Wells Fargo is simplifying and enhancing its customers’ digital
experience through a series of recent product announcements
including Control Tower, Zelle person-to-person payments, data
exchange agreements with several popular financial management
tools, an artificial intelligence-driven chatbot experience pilot
for Facebook messenger, digital wallets, card-free ATMs, and
more.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $2.0 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investments, mortgage, and consumer and commercial finance through
more than 8,300 locations, 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 42
countries and territories to support customers who conduct business
in the global economy. With approximately 263,000 team members,
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 25 on Fortune’s 2017
rankings of America’s largest corporations. News, insights and
perspectives from Wells Fargo are also available at Wells Fargo
Stories.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180213005588/en/
Hilary O’Byrne415-715-4958hilary.obyrne@wellsfargo.comorShelley
Miller704-715-2471shelley.miller@wellsfargo.com
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Sep 2023 to Sep 2024