Wells Fargo reported strong adoption of digital and mobile banking channels in the first quarter. 

The bank posted 33.5 million mobile active customers, up 5.3% year over year and 2.1% quarter over quarter, according to the bank’s Q1 earnings supplement released today. The bank also reported revenue of $21.4 billion, up 6% YoY.

Additionally, its AI-powered virtual assistant, Fargo, surpassed 1 billion interactions during the quarter, according to the $2.1 trillion bank. 

The use of Fargo and the increase in mobile adoption “tells us customers are increasingly comfortable using AI when it’s embedded in a trusted experience and solves everyday needs,” Michelle Moore, head of digital, data and AI at Wells Fargo, told FinAi News. “In our case, customers are choosing Fargo for natural, conversation help that reduces friction.” 

In an interview with FinAi News, Moore shared how Wells Fargo is approaching consumer-facing AI and overall digital platform strategy. What follows is an edited version of that conversation: 

FinAi News: How does consumer use of Fargo influence iterations or additions to the app?  

Michelle Moore: Usage shows us what customers want to do most: Get answers quickly, complete common tasks and understand their spending. So we prioritize improvements that expand task coverage, reduce steps and improve personalization while keeping security and privacy front and center. A few examples we can point to today include Fargo helping customers with tasks like paying bills, sending money with Zelle, locating routing numbers and providing spending insights. It’s also expanding access through English and Spanish-language support. 

We’re committed to ensuring Fargo becomes an increasingly personalized and conversational source of help within our digital experiences. 

FinAi News: Beyond Fargo, how else are you scaling consumer-facing AI? 

MM: We’re scaling AI across the broader customer journey — not just in the mobile app. That includes efforts to bring AI into customer-service experiences. For example, we’re piloting AI agents to help with routine needs like debit card replacement in a secure environment, with additional functionality planned. And using AI to improve in-person experiences through capabilities like in-branch translation that helps customers and bankers communicate more naturally. 

FinAi News: What are your priorities right now for Wells Fargo’s digital strategy? 

MM: Our priorities are to keep scaling what customers value most: Simple, secure digital experiences with meaningful personalization; responsible AI with strong governance and human oversight; and inclusive access — including Spanish-language experiences. We’re also focused on using AI and better data to improve consistency across channels, so customers feel known and supported whether they’re in the app, on the phone or in a branch. 

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