Wells Fargo customers can expect some changes to the bank’s digital platforms next year.
The company said Monday that it was revamping its mobile app and website. The improvements are part of a multi-year strategy to build out the bank’s digital capabilities, Wells said in the release.
“For many of our customers, Wells Fargo is the app,” said Ather Williams III, the bank’s head of strategy, digital and innovation. “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.”
Here are the changes the bank has outlined so far:
A new app
Wells Fargo’s app will soon have a new look and feel, the bank said. It’ll start rolling out the changes in early 2022.
Beyond aesthetics, customers will be able to send and receive money via a one-stop pay and transfer hub, and will have new ways to explore other Wells products.
The rebuilt app will deliver a more “seamless” digital banking experience for customers, Michelle Moore, head of consumer digital banking, said in the release.
“Our customers live on their phones, accomplishing every task and planning their next important life moment all via digital,” Moore said. “They expect their mobile banking app to mirror the same frictionless and time-saving experiences they get with other apps they use.”
Moore was hired by Wells to lead its digital platform in late 2020. She is based in Charlotte and was previously head of digital banking at Bank of America.
The first phase of the transformed mobile app will begin rolling out in the first few months of 2022, with a phased roll-out to consumer, small business and wealth management customers, the bank said.
A virtual assistant and a new website
The bank is also rolling out a virtual assistant, Fargo, which will be added to the mobile app later next year.
Fargo will bring a “concierge-like” element to the app, the bank said. It’ll be able to answer everyday banking questions and complete simple tasks.
The bank’s website is also getting a makeover. That change will come in early 2022, it said in the release.
Wells Fargo has seen a number of changes in recent years. The bank is working to overcome regulatory challenges and cut costs, particularly in consumer banking. Over the past year, the bank has closed 433 branches and shrunk its branch employee headcount by 23%, CFO Mike Santomassimo said on an earnings call.
The bank is one of Charlotte’s largest employers, with more than 27,000 workers in the area.