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Mobile Payments

Wells Fargo adds AI feature to mobile app

Thursday 15 February 2018 | 02:46 PM CET

Wells Fargo has announced that mobile banking deposit customers will have access to a predictive banking feature that analyses account information.

The enhancement will provide mobile app users with tailored account insights and personalised financial guidance.

Insights range from flagging higher-than-normal automatic monthly payments so that customers may look into a change to a reoccurring bill, to reminding a customer to transfer money from savings to a checking account to avoid a possible upcoming overdraft. Conversely, if a customer has more money than usual in a particular month, they may be prompted to transfer money into savings. Currently there are over 50 different prompts a customer can receive based on past and expected future account activity, with plans to continue adding new insights regularly. The feature will expand to small business and credit card customers later this year.

Wells Fargo aims to enhance its customers’ digital experience through a series of recent product announcements including Control Tower, Zelle person-to-person payments, data exchange agreements with several financial management tools, an artificial intelligence-driven chatbot experience pilot for Facebook messenger, digital wallets, card-free ATMs, and more.

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