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Wells Fargo has steered its focus on leveraging AI to develop innovative solutions for enhancing customer service. One of the major steps in this direction is the creation of Artificial Intelligence Enterprise Solutions team as part of the Wells Fargo’s Payments, Virtual Solutions and Innovation Group.
With a view to improve cost-efficiency and performance, the innovation team has developed an artificially intelligent equity research analyst known as AIERA. The main job of AIERA is that of a typical equity analyst that includes stock tracking and providing daily, weekly and overall outlook on the stock movement. Wells Fargo describes AIERA as a tool to improve the ability of the equity research team in terms of accuracy in providing equity outlook. AIERA is still in the testing and trial phase, however, its cogency tests points to an above average performance.
Wells Fargo tests bots to enrich customer chat experience
As part of the innovation agenda of Wells Fargo, the company launched its pilot test of bot for Facebook messenger. Wells Fargo collaborated with Facebook in 2009 with an aim to provide ‘in the moment’ information to the customers who are frequent users of Facebook messenger. However, the popularity of the service made Wells Fargo to adopt Facebook messenger as its main customer engagement channel in May 2016. The introduction of bot to the messenger in early 2017 is expected make the banking experience more convenient and timesaving for the customers. Through the AI- driven chat experience, getting information will require just a simple chat conversation rather than navigation through several pages of the company website. The bot, initially introduced to the Wells Fargo employees, will be opened up to few customers for further expansion of trial test before being operational. The innovation will help Wells Fargo deliver better customer experience, and increase their trust to foster revenues and profitability.
Greenhouse to drive growth in number of bank’s digital customers
Greenhouse is an innovative mobile app developed by Wells Fargo expected to be launched in 2018. The app is designed to facilitate personal expense and finance management through two accounts in a single platform. Customers can use one account attached to the debit card for their expenses and the other account for maintaining savings and setting aside amount for specific expenses relating to bill payments. The app is equipped with artificial intelligence technology to provide personalized insights on spending trend and help them attain their financial goals. The customers can use the debit card for both the mobile wallet and spending accounts. The customers can also access to the peer-to-peer payment network, Zelle, for making easy payments and receipts from any of their bank accounts.
Financial health is major challenge for retail consumers. Greenhouse is an attempt by Wells Fargo to bring tracking of expenses and management of finance to the customer’s fingertips and help make them feel financially more stable.
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