Wells Fargo is putting the finishing touches to its innovation programme, creating new divisions to focus on emerging opportunities in payments, artificial intelligence and APIs.
The bank is fine-tuning the mission of its recently formed Payments, Virtual Solutions and Innovation Group to zone in on hot tech developments at the cutting edge of banking.
“Customers want new types of services that make banking and managing finances convenient and easy - without disrupting their ability to interact with us how and when they desire,” says Avid Modjtabai, head of Payments, Virtual Solutions and Innovation. “Since the announcement of our Payments, Virtual Solutions and Innovation group in October, our goal has been to redefine the next generation of capabilities and offerings, and to prioritise research and development that elevates the customer experience.”
In the payments arena, the bank is consolidating its efforts across all market segments, including small business, and commercial and corporate banking customers. Led by Danny Peltz, head of Treasury, Merchant & Payment Solutions, the team will set the bank's overarching payments strategy, forging business development and relationships for Wells Fargo across the payments industry.
The bank is also creating a new Artificial Intelligence Enterprise Solutions team, which will be led by Steve Ellis, head of Wells Fargo’s Innovation Group. Wells says it sees "an increasing number of opportunities to better leverage data to provide personalised customer service through our bankers and digital channels".
In open banking, the Wells Fargo Gateway will serve as an enterprise API channel across the company’s business lines. Residing under Treasury, Merchant & Payment Solutions, Wells Fargo Gateway started piloting new API-based services with corporate customers early this year.