Wells Fargo just launched a digital-only banking offering for new customers this week, an effort to “meet customers where they are” and build relationships with them.
Greenhouse will begin as a pilot program in early 2018, with the intent to make the app available for iPhone customers later that year. At launch, Greenhouse will be focused squarely on new customers, and the bank will have a dedicated service team to interface with them. It offers customers an account tied to a debit card and a second account within which discretionary spending “envelopes” identified by the customer can reside. For example, a customer can decide to create such categories, as rent, utilities and credit cards and other recurring commitments, and set rules of how much money gets contributed on a regular basis towards them.
“It’s not so much catching up with [new] customers — 80 percent of interactions with the customer are digital in nature today — people’s use of services evolves over time, and what we’re doing is connecting the dots here with the change in customer behavior,” said Steve Ellis, Wells Fargo’s head of innovation.
Wells Fargo joins a growing group of banks and startups offering a mobile banking experiences with personal finance features folded in. It’s a sign that personal finance management is becoming part and parcel of mobile banking — a must-have in the battle to get new digital-first customers.
-
‘It’s really just like a catalog’: Overheard at the Digiday Media Marketplace Strategies Forum
Top concerns expressed included navigating selling on a multitude of new marketplaces and maintaining brand equity in the face of third-party sellers
-
The Rundown: Facebook recommends spending your way through its measurement problems
Facebook estimates that it is under-counting conversions from iOS devices by about 15%.
-
The definitive Digiday guide to what’s in and out in the privacy conversation this year
The race against the loss of the third-party cookie has created a slew of competitors. Here is Digiday's guide to who is in and out.
-
SponsoredHow retailers can be ready for holiday shoppers this year
Suchi Sastri, managing director and partner, Boston Consulting Group As the holiday season approaches and the pandemic continues to evolve, retailers want to know what to expect. Will e-commerce continue to grow at the rate it did last year? How big of a role will in-store shopping play in holiday shopping? While it’s still early, […]
-
‘Create cultural touchstone moments’: Why this direct-to-consumer shoe brand added sabbaticals for employees this year
A Salt Lake City, Utah-based company is one of a number of employers looking for new ways to engage employees and foster office culture despite the continued work from home environment due to the Delta variant.
-
‘It’s where our key customers are’: Why a DTC shoe brand spends big on Instagram and Facebook
As Apple continues its data privacy crackdown, a newly launched DTC brand says launching with Facebook and Instagram at the helm of its media mix is key.
