Wells Fargo & Company announced that it has added Artificial Intelligence (AI) enhancements to its mobile banking app, which will give users personalized insights into their finances and allow them to achieve financial goals.
Right now, there are more than 50 prompts a customer can receive, such as flagging higher-than-normal automatic monthly payments, sending a reminder to transfer money from savings to a checking account to avoid an overdraft fee, and prompting a user to transfer additional funds into savings if they have more money than usual in their checking account in a given month.
The company plans to add additional insights regularly, as well as to launch the feature to small business and credit card customers later this year.
“We understand the importance of not only providing customers with insight into their spending habits, but providing it to them where they already are, which is increasingly on a mobile phone, and in a format that allows them to take immediate action,” said Katherine McGee, head of Digital Product Management for Wells Fargo Virtual Channels. “Predictive banking is another tool to help customers lead financially healthy lives.”
The feature will also help customers organize all of the information available in their accounts. For example, after a customer purchases an airline ticket, she may be prompted to set up an account travel plan, which would then alert the bank to potential transactions in other states/countries so there won’t be any card issues while traveling.
Customers can access the feature by tapping the blue light bulb icon on the account information screen of their mobile banking app.
“We’ve been exploring how AI can help our customers improve their financial health in the moment,” said Steve Ellis, head of the Innovation Group. “This tool gives our customers insight into how they’re managing their finances, and it’s presented in a way that is personalized and easy to understand. Having information in the palm of their hands can help lead customers to take action and make more informed financial choices.”