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January 23, 2023

On the web

Bank of America, JPMorgan and Other Banks Reportedly Team Up on Digital Wallet to Rival Apple Pay

CNBC

Several banks are reportedly working on a digital wallet that links with debit and credit cards to compete with Apple Pay and PayPal. According to the Wall Street Journal, the digital wallet would be operated by Early Warning Services, a joint venture from several banks that also runs Zelle. The major banks involved include Wells Fargo, JPMorgan Chase and Bank of America, according to the report.

December 5, 2022

On the wires

Wells Fargo’s Vantage℠ Platform Enhances Commercial and Corporate Clients’ Digital Experience, Grows with Businesses at Scale

Businesswire

“Wells Fargo & Company today unveiled Vantage℠, a new digital banking platform for Commercial Banking and Corporate & Investment Banking clients. Previously known as the Commercial Electronic Office® – or CEO® Portal – Vantage℠ offers enhanced features to drive a more personalized experience through artificial intelligence (AI) and machine learning (ML) that meet the financial needs of businesses in any stage of growth. Whether it’s a startup in its series A funding round or one of the world’s largest companies, Vantage℠ scales right along with a client, offering a one-stop-shop digital banking experience… The platform will use AI to provide recommendations and next steps based around each client’s specific needs and drive an increasingly insightful experience. Additionally, ML is leveraged to continually refine meaningful personalization and ensure scalability that grants businesses the capability to grow the platform right along with their business. Today’s announcement marks a continuation of Wells Fargo’s holistic digital transformation, as signified by the rollout of a new consumer mobile app earlier this year, and the development of Fargo, its new virtual assistant.”

November 17, 2022

On the web

Truist, Wells Fargo Join Digital Token Pilot Program

Winston-Salem Journal

“Three national and super-regional banks with major Triad operations are participating in a pilot program involving digital tokens that will represent digital dollar transactions. PNC Financial Services Group Inc., Truist Financial Corp. and Wells Fargo & Co. are involved in the 12-week proof-of-concept program being managed by the Federal Reserve Bank of New York. The goal is testing a financial platform known as the regulated liability network (RLN) to see if it can accelerate payment transactions. The banks will issue tokens representing customers’ deposits. The tokens will be handled through a central bank reserve on a shared distributed ledger, according to CoinDesk.com.”

November 16, 2022

On the web

Wells Fargo Introduces Flex Loan to Give Customers More Options

Wells Fargo

“To help meet short-term cash needs, eligible customers now have another option with the newest product from Wells Fargo & Company – Flex Loan. Flex Loan is a digital-only, small-dollar loan that will provide millions of eligible customers convenient and affordable access to funds when they need it most. Flex Loan is available now in select markets and will be available nationwide by the end of the year…Flex Loan is accessible through a seamless, easy experience within the Wells Fargo Mobile Banking app: Flex Loan is available to eligible customers in amounts of either $250 or $500 for a flat fee of $12 or $20, respectively. Eligible customers will see the offer in their mobile app. Once a customer accepts the loan and sets up their repayment plan (payable in four equal monthly installments), the funds are deposited into their Wells Fargo account within seconds, allowing them to use their Wells Fargo debit card to make a purchase or payment immediately. There are no applications, hidden fees, late charges, or interest charges.”

October 24, 2022

On the web

Wells Fargo’s New Virtual Assistant, Fargo, to Be Powered by Google Cloud AI

Wells Fargo Newsroom

“Wells Fargo & Company today announced that Fargo, a new virtual assistant set to roll out to customers in the coming months, will leverage Google Cloud’s artificial intelligence (AI) to provide a more personalized, convenient, and simple banking experience. Wells Fargo’s collaboration with Google Cloud marks a pivotal milestone in its digital strategy to provide customers with an intuitive banking journey that meets their individual financial needs. The last two years have seen a dramatic surge in digital banking, and demand for a full-service digital experience. According to a study conducted this summer by Ipsos on behalf of Wells Fargo & Company, nearly two thirds (65%) of millennials and Gen Z respondents prefer to use a virtual assistant for customer service needs rather than waiting for a customer service representative on the phone. Most (84%) who have used virtual assistants reported a favorable experience and 70% cited ‘saving time’ as a top benefit.”

February 8, 2019

On the web

Wells Fargo Customers Say Paychecks Went Missing Following Outage

Wall Street Journal (paywall)

Wells Fargo WFC -0.94% & Co. customers and employees continued to experience problems with their bank accounts Friday as a result of a systems failure, with some saying they had trouble accessing money from direct deposits. Scores of customers complained Friday morning on social media that they were unable to see paychecks deposited into their accounts via direct deposit. Some of the bank’s employees also said their paychecks weren’t showing up in their Wells Fargo accounts.”

October 1, 2018

On the wires

Wells Fargo Launches Control Tower SM, New Digital Experience for Customers Nationwide

“Having multiple recurring payments and connection points online creates a greater need for consumers to have visibility into and control over where and what account information is shared. In addition, if consumers misplace a debit or credit card, it’s important to be able to turn the card off quickly and easily – and to turn it back on if they find it, eliminating the need to cancel their existing card and order a new one with new numbers. By bringing these capabilities into one place, Control Tower is helping to relieve this customer pain point. Among Americans who use a bank or financial institution, three quarters (76 percent) report that having a single view of their digital financial footprint – such as the Control Tower offering2 – would be beneficial.”

September 7, 2018

On the web

August 16, 2018

On the wires

May 11, 2018

On the wires

March 9, 2018

On the web

February 13, 2018

On the wires

Wells Fargo Adds AI Enhancement to Mobile App, Giving Personalized Account Insights to Customers Nationwide

“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.”