Wells Fargo Announces a Mobile-First Banking Experience to Encourage Financial Health
November 02 2017 - 10:32AM
Business Wire
The standalone app called Greenhouse℠ by Wells
Fargo combines consumer bank accounts with money management tools
to help make it easier to save, spend, and plan
Wells Fargo & Company (NYSE:WFC) today announced Greenhouse℠
by Wells Fargo, a new mobile banking experience with tools to help
consumers manage their money and know where they stand
financially.
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the full release here:
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Greenhouse by Wells Fargo (Graphic:
Business Wire)
Combining personal finance management tools with Wells Fargo
banking, the Greenhouse experience will help consumers pay bills on
time, spend confidently, and start to build a savings cushion — all
while providing personalized insights through artificial
intelligence to help them stay on track. Greenhouse, a standalone
mobile app, will be available in a limited, national pilot in the
first quarter of 2018 and will launch for Apple iPhone® users
during the first half of 2018.
Avid Modjtabai, head of Payments, Virtual Solutions and
Innovation at Wells Fargo, made the announcement onstage at The
BancAnalysts Association of Boston Conference in Boston.
“We believe the Greenhouse experience will appeal to a broad
base of consumers, many of whom have several income sources or are
paid infrequently, which can make budgeting a challenge,” said
Modjtabai. “Whether you are new to banking, don’t have regular
paychecks, or typically manage money with cash, we believe the
Greenhouse experience can help you manage day-to-day spending while
planning for the future.”
Within minutes of downloading the Greenhouse app, consumers can
be up and running safely and securely from wherever they are.
Greenhouse customers will have:
- Intuitive money management with two
accounts that work together: one account for weekly spending
tied to their debit card, and one account dedicated to savings and
bills. In this account, customers can set aside money to build a
savings cushion as well as for specific expenses, such as rent or a
phone bill. The app ties the two bank accounts together and
provides spending trend visualizations, personalized insights based
on an artificial intelligence engine, and key reminders to help
customers stay on track and reach their financial goals.
- Immediate access to their Greenhouse
accounts: real-time debit card use with a mobile wallet tied to
the weekly spending account, access to both accounts at more than
13,000 Wells Fargo ATMs, and the convenience of approximately 5,900
retail bank branches.
- The ability to send and receive
payments: access to the Zelle℠ peer-to-peer payments network to
receive and send payments to almost anyone with a U.S. bank
account.
In addition, Greenhouse customers will never incur bank
overdraft fees when using the new experience, and purchases and
payments that would overdraw the accounts will generally not be
processed.
“Many people manage money with a rear-view mirror approach, only
looking backwards at the end of each month,” said Steve Ellis, head
of the Innovation Group at Wells Fargo. “The Greenhouse experience
helps consumers take control of their financial health by enabling
them to become more hands-on with their finances. From creating a
weekly spending budget, to working toward financial goals, the
customer is in control — all on a mobile phone.”
Financial health is a challenge for many. Research shows that 57
percent of Americans are struggling financially1, and 44 percent
say they would not be able to cover a $400 emergency expense
without selling something or borrowing money2.
To help more Americans feel more stable and prepared for life’s
opportunities and challenges, Wells Fargo is providing a growing
set of services that make it easier for all customers to know where
they stand. The services also help customers make more informed
financial decisions based on their specific needs and goals,
including a conversation about financial health that currently is
available through the Wells Fargo phone bank and will be offered by
bankers in Wells Fargo branches next year.
The launch of the Greenhouse experience in 2018 will be the
initial version, with additional enhancements and tools planned
based on customer feedback.
How Wells Fargo supports financial health
Wells Fargo seeks to provide its customers the personalized
support, proactive guidance and convenient financial resources they
need to take action to improve their financial health. These
include providing 68 million customers free access to their FICO®
Credit Score, and a Financial Health Conversations program that has
provided personalized plans for more than 23,000 customers since
the start of 2015. For Wells Fargo’s easy-to-follow financial
health guidelines and online tools, see One Little ThingSM, a
financial health resource.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 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,
insurance, investments, mortgage, and consumer and commercial
finance through more than 8,400 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 268,000 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.
1Center for Financial Services Innovation, Understanding and
Improving Consumer Financial Health in America, March 2015
2Board of Governors of the Federal Reserve System, Report on the
Economic Well-Being of U.S. Households in 2016, May 2017
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171102006020/en/
Media Contact:Jennifer Langan,
213-253-3452jennifer.l.langan@wellsfargo.comorInvestor
Relations:John Campbell,
415-396-0523john.m.campbell@wellsfargo.com
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