Artificial intelligence analyzes account information to provide tailored guidance and helpful tips for better financial decision-making.
SAN FRANCISCO--(BUSINESS WIRE)--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.
