The open collaboration between the established Financial Institution population and Fintech yield more fruit, with the announcement of Wells Fargo Corporation’s forthcoming virtual banking and money management solution. The interest and uptake of mobile-only banking has been accelerating, with more consumers recognizing their own visits to the branch have become significantly less frequent. WFC has also incorporated the means to address the desire of many consumers for insight into their own income and spending events.
Avid Modjtabai, head of payments, virtual solutions and innovation at Wells Fargo, says the new account has been designed to appeal to a broad base of consumers, many of whom have several income sources or are paid infrequently, which can make budgeting a challenge, “Whether you are new to banking, don’t have regular paychecks, or typically manage money with cash, we believe the Greenhouse experience can help you manage day-to-day spending while planning for the future,” he says.
Mercator Advisory Group anticipates the Wells Fargo solution will find near term traction upon its release in 2018 if it delivers on the tenets of automated budgeting, predictive reminders, and immediate feedback loops to assist its patrons in build greater financial predictability and security in an uncertain environment. We would add that personalization and customization of individual financial aims and philosophies will be a key determinants of how well these solutions are taken up and retained by the public.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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