How big tech and retail are inspiring consumer innovation at Wells Fargo
In the new world of banking, banks come to their customers — not the other way around.
On Tuesday, Wells Fargo released a new “predictive banking” feature that pushes insights based on customer data and more personalized guidance. It could flag higher-than-normal automatic monthly payments or remind customers to transfer money between accounts to avoid an overdraft fee, for example. It’s similar to how other banks are experimenting with voice capabilities; like USAA and U.S. Bank’s experiments with Alexa skills or Bank of America’s digital assistant erica.
Customers have driven the evolution of banking channels from branches to phone banking to ATMs to desktop and mobile apps for the last 100 years, but the next waves of demand aren’t driven by banks and financial services companies anymore — they’re driven by tech companies and retail, according to Brian Pearce, svp for enterprise artificial intelligence at Wells Fargo.
“The companies that are setting the bar for the industry are Apple, Google, Facebook and Amazon,” he said. “Those companies dominate our customers’ lives.”
More in Marketing
Beverage brands update Dry January marketing based on changing consumer habits
Today, people generally seek balance when pursuing their personalized wellness goals in a new year.
Future of Marketing Briefing: X claims an ad comeback, reality proves out a different thesis
The comeback story X wants told, and the ad business it actually has.
Mythbuster: What AI is not about to do in advertising
As the hype around AI thins into something closer to reality, the ad industry is quietly drawing a line around what LLMs can do — and what they will not be trusted to touch.