Wells Fargo invested in new platforms, digital capabilities and product launches as its technology spend grew in the third quarter.
The $1.9 trillion bank’s technology, telecommunication and equipment expenses increased 8% year over year to $798 million, remaining relatively flat sequentially, according to the bank’s earnings supplement. The YoY bump in the bank’s technology spend follows a 2% YoY decline in Q2 to $799 million.
“During the quarter, we introduced Wells Fargo Premier across our entire branch footprint, initiated a branded digital experience and launched marketing programs to help affluent customers learn more about how we can better serve them,” Wells Fargo Chief Executive Charlie Scharf said on today’s Q3 earnings call.
Wells Fargo Premier, a suite of products and experiences focused on client relationships, was first unveiled in Q2 before being rolled out last quarter.
Meanwhile, the bank launched new APIs in Q3 to allow clients more flexibility and efficiency, Scharf said. “For example, we launched the new real-time payment API, allowing clients to send a digital request to a payer that can be approved to easily send a real-time credit transfer.”
Looking ahead to Q4, the bank plans to roll out access to a short-term credit product, Scharf said, noting “[the launch] builds on services that we’ve introduced over the past years, including offering an account that does not charge any overdraft fees.”
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