Wells Fargo Control Tower to map customer's digital footprints

Wells Fargo Control Tower to map customer's digital footprints

Wells Fargo is to provide customers with a single view of all payments transactions - from PFM tools, to recurring payments and subscriptions - through a new feature, dubbed 'Control Tower'.

Plans for he service were revealed by Wells Fargo president and CEO Tim Sloan at a conference in Colorado.

“Customers currently have their payment information stored in numerous places online,” said Sloan. “If you lose a card or want to update a billing address, you’re expected to go on a journey of self-discovery to remember all the different places your financial information is stored, which can be time consuming and complex. Wells Fargo is re-imagining the future of personal finance to deliver an experience that is secure and convenient and provides customers a central hub for better control, simplicity and transparency.”

The feature, which will enable customers to control when and where their Wells Fargo account is shared via an on/off function from one central hub, is currently being rolled out as a pilot to staff. The bank says it plans to launch a fully-functioning service to consumers early next year.

Some of the functions are already available to customers, including the ability to digitally turn on and off a debit card, and data-sharing capabilities for Xero-linked Wells Fargo accounts. Intuit- and Finicity-linked accounts will have this capability in the future as the bank builds APIs to pull back data into the hub.

“Our customers’ digital lives have become increasingly fragmented and complex, and that complexity will only continue,” says Brett Pitts, head of Digital for Wells Fargo Virtual Channels. “This new experience streamlines customers’ digital footprint and enables them to manage their personal finances with ease from one single and secure place.”

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