Wells Fargo Launches New Innovation Group
July 23 2015 - 9:00AM
Business Wire
Company veteran Steve Ellis to lead
cross-functional organization to help keep company at the leading
edge of technological innovation in financial services
Wells Fargo (NYSE:WFC), long a leader in delivering innovative
products, services, and technology to its customers, today
announced the formation of a new Innovation Group, which will work
in partnership with its major businesses to meet evolving customer
needs and stay ahead of the shifting competitive landscape. Steve
Ellis, who had served as the head of Wholesale Services, has been
named the leader of the new group. Ellis reports to Hope Hardison,
who will assume the role of chief administrative officer (CAO) when
Pat Callahan retires August 31. The CAO group now includes
Human Resources, Corporate Communications, Enterprise Marketing,
Government and Community Relations, and the Innovation Group.
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Steve Ellis, head of the new Wells Fargo
Innovation Group. (Photo: Business Wire)
“Creating the Innovation Group puts an even larger focus on
creating the products, services, and technologies that will allow
us to stay competitive and allow our customers to do their banking
when, where, and how they would like,” said John Stumpf, chairman
and CEO of Wells Fargo.
The Innovation Group will be focused primarily on five core
areas: research and development; innovation strategies; payment
strategies; design and delivery; and analytics.
“The end goal is for the Innovation Group to serve as a catalyst
for the company to quickly transform its business models, processes
and programs, and user experience all while successfully managing
within an enhanced risk and regulatory environment,” said Ellis, a
28-year veteran of Wells Fargo who will remain based in Los
Angeles.
Initially moving with Ellis to the new group will be three of
his Wholesale Services teams, including payment strategies,
research and development, and social strategy and collaboration.
Other teams and team members from across the enterprise are
expected to become part of the Innovation Group over time.
Ellis is known for leading the efforts that, 15 years ago,
resulted in Wells Fargo establishing the industry's first single
sign-on point of access to a variety of financial services for
businesses. Today, the Commercial Electronic Office® (CEO®) portal,
and CEO Mobile® that launched in 2007, offers banking services to
commercial, corporate, and institutional customers in more than 190
countries.
The Wholesale Services team also recently launched the Wells
Fargo Startup Accelerator, now in its third round of funding and
mentoring select global startups, with the aim of helping to
advance innovative technology solutions for the financial services
industry, ranging from omnichannel solutions, to biometric
authentication, to beacon technology and much more.
Added Ellis, “Today we are seeing new financial service models
and smaller competitors with different economics and restrictions
that can operate at a faster pace. But no one knows our customers
better than we do, and our new Innovation Group can leverage that
knowledge to deliver great new solutions to our retail, commercial,
and corporate customers.”
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a nationwide,
diversified, community-based financial services company with $1.7
trillion in assets. Founded in 1852 and headquartered in San
Francisco, Wells Fargo provides banking, insurance, investments,
mortgage, and consumer and commercial finance through 8,700
locations, 12,800 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 36 countries to support customers who
conduct business in the global economy. With approximately 266,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 30 on
Fortune’s 2015 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy all our customers’ financial needs and
help them succeed financially. Wells Fargo perspectives are
also available at Wells Fargo Blogs and Wells Fargo Stories.
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Wells Fargo & CompanyAlan Elias, 415-947-3994
(office)Alan.elias@wellsfargo.com415-722-8529
(mobile)@AlanEliasWF
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