Wells Fargo’s Virtual Assistant, Fargo, Expands Capabilities with Spanish-Language Feature
September 27 2023 - 9:00AM
Business Wire
Fargo increases accessibility to Spanish-speaking customer
base
Wells Fargo & Company (NYSE: WFC) today enhanced its Fargo™
virtual assistant with a Spanish-language capability, improving
access to a large portion of its customer base. The new feature
enables Spanish-speaking customers to take advantage of the
solution that is already providing a more personalized, convenient,
and simple banking experience to customers using the Wells Fargo
Mobile® app on their smartphones.
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Wells Fargo’s Virtual Assistant, Fargo,
Expands Capabilities with Spanish-Language Feature (Photo: Wells
Fargo)
“Seeing the volume of Fargo interactions since it went live
earlier this year demonstrates that our customers are finding value
in an in-your-pocket financial assistant to manage their banking
experience,” said Michelle Moore, head of Digital for Consumer and
Wealth & Investment Management at Wells Fargo. “Managing
finances can oftentimes be complex if a customer isn’t well-versed
in how to measure how they are spending, saving, or budgeting – now
available to the second largest language population of our
customers.”
Between 2010 and 2020, the U.S. Latino population grew by 23%,
now making up 20% of the national population and continuing to
grow1. In addition, income and wealth among Latinos are growing
faster than the broader population, with median family wealth
growing nearly three times faster than the typical U.S. household
over the last decade2. Offering a Spanish-language capability that
can provide details and context about a customer’s financial
journey – to the same extent the English-language solution can –
improves accessibility to our growing Latino customer base. To
ensure the Spanish-language capability is as comprehensive as
possible, Wells Fargo leveraged the knowledge of its
Spanish-speaking employees representing over a dozen
Spanish-speaking countries to test, train, and fine-tune Fargo to
understand a number of different regional language differences and
dialects.
Now, customers who set their language preference to Spanish can
input requests to Fargo and receive instant access to their banking
details. Just by talking or typing into their smartphone in
Spanish, customers can request Fargo to complete a multitude of
tasks including checking their spending insights and credit score,
viewing rates and fees, managing their spending limits, and
transferring money.
Since its launch, Fargo has facilitated millions of interactions
with customers who are using it to navigate their transactions,
manage their card limits, search for their routing numbers, and
obtain insights into their spending. In the coming months, Fargo
will continue to roll out new capabilities that provide a more
sophisticated financial experience. The rollout will leverage
predictive analytics to enable meaningful conversations that learn
and adapt to each individual customer, and deliver proactive
insights for a number of different items including:
- A spending digest that delivers proactive push notifications to
the customer about increases in spending with insights on which
spending categories are seeing increases;
- Monitoring customer deposits and delivering insights and
guidance on where to allocate that money depending on the financial
goals they have set;
- Monitoring subscriptions and other recurring transactions in
addition to providing the option to cancel or pause
subscriptions;
- Analyzing spending habits and sharing proactive projections for
anticipated balances; and
- Simplifying budgeting, by calculating how much someone can
safely spend, while still covering their bills and hitting their
savings targets.
Today’s announcement marks a continuation of Wells Fargo’s
holistic digital transformation, as signified by the rollout of a
new consumer mobile app last year, and the development of Fargo,
its new virtual assistant. These enhanced digital capabilities are
just the start of many initiatives in Wells Fargo’s multiyear plan
to become digital-first and reinvent personal finance.
Understanding client needs is a core part of how Wells Fargo
fortifies its client relationships, and the business understands
that its technology portfolio must meet these demands.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets and
proudly serves one in three U.S. households and more than 10% of
all middle market companies and small businesses in the U.S. We
provide a diversified set of banking, investment and mortgage
products and services, as well as consumer and commercial finance,
through our four reportable operating segments: Consumer Banking
and Lending, Commercial Banking, Corporate and Investment Banking,
and Wealth and Investment Management. Wells Fargo ranked No. 30 on
Fortune’s 2020 rankings of America’s largest corporations. In the
communities we serve, the company focuses its social impact on
building a sustainable, inclusive future for all by supporting
housing affordability, small business growth, financial health and
a low-carbon economy. News, insights and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
1
https://www.pewresearch.org/science/2022/06/14/a-brief-statistical-portrait-of-u-s-hispanics/
2
https://wellsfargo.bluematrix.com/links2/html/e4710122-82cb-4c39-ab4e-272d7c737d39
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Wells Fargo & Company Patrick Abberton 929-401-8039
patrick.abberton@wellsfargo.com
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