Artificial intelligence has been a hot topic among loyalty marketers, and one that officials at Wells Fargo have certainly considered. They have been exploring AI to see how it can impact their customers and improve their financial health in the moment.
Wells Fargo announced last month that mobile banking deposit customers nationwide now have access to a predictive banking feature that analyzes account information and provides mobile app users with tailored account insights and personalized financial guidance. The feature is the latest in a series of innovations aimed at providing customers a more comprehensive view of their finances, and increased control to advance their financial health and meet financial goals.
The predictive banking feature aims to streamline the abundance of information available in customer accounts.
Katherine McGee, Head of Digital Product Management for Wells Fargo Virtual Channels, told Loyalty360 that data has become the fundamental building block to build the future of the digital age.
“But data by itself doesn’t really do anything,” McGee explained. “Emerging data tools, like AI, enable companies to treat each person as a unique individual, rather than as part of a customer segment. At the end of the day, it’s all about how each customer receives value.”
Wells Fargo officials have customer engagement goals for these enhancements.
“We want to be where our customers are, whether online, mobile, or near one of our banking branches,” McGee explained. “In our innovation labs, we are exploring how AI technology can assist with connecting our customers wherever they are. It’s about providing customers with better information ‘in the moment’ to help them make better informed financial decisions, and then giving them the tools and ability to instantly complete a transaction or conduct other banking services. We believe AI is just one component—alongside in-person and call center support—of providing great customer service.”
McGee said that one of the most exciting aspects of the financial services industry today is the use of innovation and technology to build stronger relationships with customers through bankers and digital capabilities.
“At Wells Fargo, we start with the mindset that it’s not about technology or even fintech,” McGee said. “It’s about giving our customers information to make better informed financial decisions and giving them the tools and ability to instantly complete a transaction whenever they want and wherever they are. We want to simplify the way people are able to connect and conduct banking, whether it is at a branch, on social or mobile, and so on. It’s also important to recognize that customers are not asking for disruption. Our efforts to advance products, services, and experiences are about increasing choice and customization.”
How does predictive banking meet these customer expectations?
“Wells Fargo prioritizes innovation with a focus on the customer,” McGee added. “Predictive banking provides customers personalized insights into their spending and savings, and allows customers to take action to avoid negative outcomes and save more. For example, by using a customer’s historical transaction activity, we can alert them that their available balance may not cover upcoming anticipated activity on their account. We can then provide an option to transfer funds to cover the expense.”