Virtual assistant

Wells Fargo launches Virtual Assistant app

Wells Fargo and company will begin rolling out its updated mobile app in early 2022 and release an all-new AI-powered virtual assistant, Fargo, later in the year, according to a Monday, Oct. 25 press release.

Enhanced digital capabilities are part of the bank’s approach as it shifts to digital-first services, a shift supported by greater investments in cutting-edge technologies and collaborative efforts with technology companies.

Last week, Wells Fargo invested $10 million in growth funding in Volante Technologies, a financial messaging and cloud payments company, according to PYMNTS.

Related: Wells Fargo invests $10 million in cloud payments company Volante

Earlier this month, the bank announced the launch of its Wells Fargo Reflect card, a card that offers cardholders rewards for payments made on time. Reflect, which incurs no annual fee, is the second card in a suite of consumer credit cards from Wells Fargo.

See also: New Wells Fargo Reflect Credit Card Rewards On-Time Payments

The first phase of Wells Fargo’s redesigned mobile app, which is used by 27 million active customers, will begin rolling out in the first quarter of 2022, with a phased rollout for consumers, small businesses and consumer management. heritage and investment thereafter, according to the statement. . The upgraded app will have a more modern look and feel, as well as a smoother user experience.

“Our customers live on their phones, completing every task and planning their next important life moment through digital,” said Michelle Moore, head of Consumer Digital at Wells Fargo. “They expect their mobile banking app to reflect the same smooth and fast experiences they get with the other apps they use.”

Digital is the fastest growing segment for Wells Fargo, according to the announcement. In Q3 2021, bank customers logged in 1.6 billion times via mobile devices, a 14% year-over-year increase.

With the addition of the Fargo virtual assistant, users will be able to receive answers to various banking questions and can ask Fargo to perform tasks for them.



On: Shoppers who have store cards use them for 87% of all eligible purchases – but that doesn’t mean retailers should start buy now, pay later (BNPL) options at checkout. The Truth About BNPL and Store Cards, a collaboration between PYMNTS and PayPal, surveyed 2,161 consumers to find out why providing both BNPL and Store Cards is key to helping merchants maximize conversion.