Wells Fargo & Company will begin launching its updated mobile app in early 2022 and will release an all-new artificial intelligence-powered virtual assistant, Fargo, later in the year, according to a Monday (Oct. 25) press release.
The improved digital capabilities are part of the bank’s approach as it transitions to digital-first services, a move that is supported by larger investments in advanced technology and collaborative efforts with tech firms.
Last week, Wells Fargo invested $10 million in growth funding into Volante Technologies, a cloud pay and financial messaging firm, according to PYMNTS.
Earlier this month, the bank announced the launch of its Wells Fargo Reflect Card, a card that provides cardholders with rewards for making on-time payments. Reflect, which does not incur an annual fee, is the second card in a suite of consumer credit cards from Wells Fargo.
The first phase of Wells Fargo’s reimagined mobile app, which is used by 27 million active customers, will begin launching in the first quarter of 2022, with a phased rollout to consumer, small business and wealth and investment management consumers thereafter, according to the release. The upgraded app will have a more modern look and feel, as well as a more seamless user experience.
“Our customers live on their phones, accomplishing every task and planning their next important life moment all via digital,” said Michelle Moore, Wells Fargo’s head of Consumer Digital. “They expect their mobile banking app to mirror the same frictionless and time-saving experiences they get with other apps they use.”
Digital is the fastest-growing segment for Wells Fargo, according to the announcement. In the third quarter of 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 complete tasks for them.