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Wells Fargo Revamps Mobile Experience in Attempt to Build Customer Trust

Grace NotobyGrace Noto
May 14, 2018
in Payments
Reading Time: 2 mins read
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Wells Fargo is hoping its new digital and mobile features will help better establish trust between the bank and its customers, one of the top goals of the bank after it was rocked by a series of breaches and scandals last year.

This is according to Tim Sloan, the bank’s chief executive officer, who noted in his opening remarks today at Investor day that Wells is continuing to “look across the company to identify areas or instances where customers may have experienced financial harm and make things right.”

Of course, this all begins with the right customer interaction: and with over 20 million mobile customers, the right mobile experience is crucial to building that trust. The bank also announced a few updates to its mobile banking app today, including a new feature the bank is calling “Pay with Wells Fargo.”

Essentially, the feature moves all the payment options available in the app to the home screen, allowing users to pay without having to log into their bank accounts–one of the barriers to customers adopting the payment methods that live alongside their bank balances.

The options included on this new app screen include mobile wallet options, the access code for ATMs (instead of putting the PIN in), as well as Zelle, which, users can use for P2P payments (no POS solution yet for that solution, unfortunately).

Wells reported that its customers are using Zelle more than ever: since the bank launched the solution last year, transaction volume for Wells customers using the service has increased 64%, while the average transaction volume per customer increased 19%. The bank did not report specific transaction amounts for either increase, however.

Early Warning told Bank Innovation earlier this week that a POS solution for Zelle is not on the roadmap, even as digital and mobile payment continues to increase in popularity.

Wells’s head of payments, virtual solutions and innovation, Avid Modjabai, was tapped to show off the new payments screen during the bank’s investor day. A promotional video for the new feature was released earlier this week — take a look below:

Bank Innovation has reached out to Wells Fargo for further comment.

Tags: ATMEarly Warning ServicesExclusivemobile paymentsonline paymentsP2P paymentsPremiumvideoWells FargoZelle
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