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.
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.
1
Center for Financial Services Innovation,
Understanding
and Improving Consumer Financial Health in America
, March 2015
2
Board of Governors of the Federal Reserve System,
Report
on the Economic Well-Being of U.S. Households in 2016
, May
2017
