Wells Fargo Increases Emphasis on Emerging Technologies

New organizational structure will help drive Wells Fargo’s growth in payments, artificial intelligence and application programming interfaces

Wells Fargo & Company  announced it is enhancing the organization within its recently formed Payments, Virtual Solutions and Innovation group. The new structure aims to help increase connectivity for the company’s payments efforts, accelerate opportunities with artificial intelligence, and advance application programming interfaces to corporate banking customers. The investments into each area will help the company create innovative digital banking experiences, and make it easier for customers to achieve their financial goals.

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,” said 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 prioritize research and development that elevates the customer experience.

These focus areas include:

  • Payments: Payments are a critical driver of relationships for consumer, small business, and commercial and corporate banking customers. Bringing these businesses together will allow Wells Fargo to accelerate the integration of its payments’ businesses and platforms, and to create unique and differentiated value propositions for our customers. Led by Danny Peltz, head of Treasury, Merchant & Payment Solutions, the team will set Wells Fargo’s payments strategy and maximize opportunities across market segments, including business development and relationships for Wells Fargo across the payments industry.
  • Artificial Intelligence (AI): Wells Fargo sees an increasing number of opportunities to better leverage data to provide personalized customer service through our bankers and digital channels. To accelerate the company’s efforts, a new Artificial Intelligence Enterprise Solutions team has been created, which will be led by Steve Ellis, head of Wells Fargo’s Innovation Group. The group will be at the forefront of the company’s enterprise efforts in this rapidly emerging area, and shape future services for customers.
  • Application Programming Interfaces (APIs): This technology allows commercial and corporate banking customers to integrate Wells Fargo products, services and information into their own digital environments. Wells Fargo Gateway serves 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. We will continue to develop and advance a holistic strategy around delivering API services to customers.

Author: Dylan Jones

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