Wells Fargo updates virtual assistant to monitor spending
Bank had 35.6M active online and mobile customers in Q2
Since the start of the year, Wells Fargo has added new capabilities to its AI-driven virtual assistant, Fargo.
Powered by Google Cloud, the digital assistant is now equipped with AI-driven insights to help bank clients better understand their spending habits and access actionable tips about their finances, according to the bank.
“The latest Fargo updates help customers stay in control of their finances without having to constantly monitor their bills or accounts,” Kevin Cole, head of digital AI at Wells Fargo, told Bank Automation News.
According to Cole, Fargo can now:
- Activate or deactivate a debit card;
- Check credit card limits; and
- Search for specific transactions.
Additionally, Fargo will flag changes in spending and monitor subscription costs, even alert about stagnant subscriptions, Cole said. He added that 42% of Americans pay for unused subscriptions according to insights agency C&R Research.
The updates to Fargo coincide with the bank’s increased digital adoption throughout 2024. In the second quarter, the bank had 35.6 million active online and mobile customers, up 4% year over year, according to the bank’s earnings supplement.
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