Wells Fargo & Company has announced that Fargo, a new virtual assistant set to be launched in the months to come, will tap Google Cloud’s artificial intelligence (AI) to offer a more personalised, easy, and simple banking experience for customers.
The company’s collaboration with Google Cloud represents a milestone in its digital strategy to offer customers an intuitive banking journey that suits their individual financial requirements.
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Over the last two years, there has been a jump in digital banking, as well as growing demand for a full-service digital experience.
As per a study carried out by Ipsos on behalf of Wells Fargo & Company, close to two thirds (65%) of millennials and Gen Z respondents want to use a virtual assistant for customer service needs instead of waiting for a customer service representative on the phone.
Most of the respondents (84%) who have used virtual assistants reported a favourable experience, while 70% pointed out ‘saving time’ as a top advantage.
Fargo will offer customers a simple, intuitive way of servicing their accounts, at the launch.
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By GlobalDataRight from turning on/off debit cards, tracking credit limits, to searching for particular transactions by date, amount, or type, users will be able to ask Fargo rather than scouting for answers on their own.
In case Fargo cannot address an inquiry, it will seamlessly link customers to a live agent.
In 2023, Fargo will be offered in Spanish language. Taking a more proactive role in guiding customers toward financial wellness, Fargo will leverage predictive analytics to allow meaningful conversations that can adapt to every individual customer requirement.
Users will be provided a highly curated set of actionable tips and insights. It will highlight the unexpected, such as a rise in a recurring subscription or a jump in spending at a specific merchant. It will simplify budgeting by calculating how much a user can safely spend, while still being able to cover their bills and achieve their savings targets. It will also identify smart money moves, such as how much a customer could save by consolidating debt.
Wells Fargo head of Digital for Consumer and Wealth & Investment Management Michelle Moore said: “As mobile banking has become Wells Fargo customers’ most preferred way to bank, we will continue to innovate in collaboration with strategic partners like Google Cloud to build customer experiences that motivate and support them on their financial journeys.
“This partnership will expand our customers’ digital financial support network by enabling meaningful money conversations conveniently from their mobile device. It’s more than just dollars and cents; it’s about uplifting our customers’ emotional and financial well-being by understanding their financial goals and providing the most convenient interactions to meet those goals.”
Built on Dialogflow, Google Cloud’s conversational AI platform, Fargo will use the language processing capabilities of this platform to understand customers’ requirements and offer a customised response.
Google Cloud vice president of financial services Yolande Piazza said: “The announcement marks a milestone for Google Cloud as we expand our partnership with Wells Fargo to evolve the digital banking experience.
“By pairing our leading AI and natural language processing capabilities with Wells Fargo’s industry-leading banking experience, we can provide customers with connected, personalised tools that seamlessly blend with their financial needs.”
