Wells Fargo Announces Rebuilt Mobile App and All-New Virtual Assistant, Fargo™
October 25 2021 - 8:00AM
Business Wire
Enhancements to launch starting in early 2022
Wells Fargo & Company (NYSE: WFC) announced today a rebuilt
mobile banking experience for consumer and small business
customers, set to begin rolling out early next year, with an
all-new virtual assistant — Fargo™ — to be added later in 2022. The
enhanced digital capabilities are part of the company’s multiyear
strategy to become digital-first and reinvent digital personal
finance, supported by increased investments in next generation
technology and strategic partnerships with leading tech
companies.
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the full release here:
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A woman looks at her phone with Wells
Fargo sign in background. (Photo: Wells Fargo)
“For many of our customers, Wells Fargo is the app,” said Ather
Williams III, head of Strategy, Digital, and Innovation at Wells
Fargo. “While face-to-face interactions make sense for more
consultative financial moments in our customers’ lives, the
majority of their day-to-day personal finance is done digitally.
Our strategic investments — both in our own technology and via
collaboration with digital leaders — reflect our deep commitment to
providing our customers an experience that reflects their
expectations for intuitive, seamless, and personalized digital
experiences.”
As the reimagined Wells Fargo Mobile® app debuts next year,
Wells Fargo’s 27 million mobile active customers will notice a new,
modern look and feel and a simpler user experience that will help
them more easily accomplish their banking needs — everything from
the way they send and receive money via a one-stop-shop Pay &
Transfer hub to how they explore products and more. The first phase
of the transformed mobile app will begin rolling out in early Q1
2022 with a phased rollout to consumer, small business, and Wealth
& Investment Management customers.
“Our customers live on their phones, accomplishing every task
and planning their next important life moment all via digital. They
expect their mobile banking app to mirror the same frictionless and
time-saving experiences they get with other apps they use,” said
Michelle Moore, Wells Fargo’s head of Consumer Digital. “The
rebuilt mobile app will not only deliver a more seamless experience
for customers, but it will lay the foundation for a digital
personal finance experience that pushes the whole industry forward
as new features such as Fargo and others are added in 2022 and
beyond.”
Once Fargo is added to the mobile app, it will bring a
concierge-like experience to the app — customers will be able to
get answers to their everyday banking questions and, rather than
self-serving to accomplish a task, customers will be able to ask
Fargo to complete the task for them. As the artificial
intelligence-powered virtual assistant evolves, it will also
surface personalized insights and recommendations to help customers
better manage their finances.
Today’s mobile app news follows a recent announcement of a new
digital infrastructure strategy inclusive of strategic partnerships
with tech industry leaders as the bank plans to leverage
third-party expertise and capabilities to execute a new digital
infrastructure strategy. This strategy will help drive next
generation, digital-first capabilities for customers that are fast
and secure. Customers can expect to see some of the same innovative
user experiences they’re accustomed to receiving from digital
leaders become part of their Wells Fargo digital banking
experience.
In addition to a reimagined mobile app, Wells Fargo will
introduce the first phase of a redesigned public website in early
2022. Digital is the fastest growing channel in Wells Fargo’s
history, and it’s where customers interact with the bank the most.
In Q3 2021, customers logged in 1.6 billion times using mobile
devices, up 14% year over year.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is the leading middle market
banking provider 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 &
Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021
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.
Cautionary Statement about Forward-Looking Statements
This news release contains forward-looking statements about our
future financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements as
actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we
do not undertake to update them to reflect changes or events that
occur after that date. For information about factors that could
cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange
Commission, including the “Forward-Looking Statements” discussion
in Wells Fargo’s most recent Quarterly Report on Form 10-Q as well
as to Wells Fargo’s other reports filed with the Securities and
Exchange Commission, including the discussion under “Risk Factors”
in our Annual Report on Form 10-K for the year ended December 31,
2018, available on its website at www.sec.gov.
News Release Category: WF-IT
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version on businesswire.com: https://www.businesswire.com/news/home/20211025005161/en/
Media Stephanie Schwab, 704-572-9165
stephanie.schwab@wellsfargo.com
Investor Relations John Campbell, 415-396-0523
john.m.campbell@wellsfargo.com
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