Wells Fargo has introduced a predictive banking feature into its mobile application that can provide customised account insights and financial guidance to the customers by analysing account information.
The introduction of this new artificial intelligence (AI) feature is in line with the bank’s strategy to provide the customer’s a more comprehensive view of their finances and help them achieve their financial goals.
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The predictive banking feature will alert customers in case of higher-than-normal automatic monthly payments as well as remind them to transfer money from savings to a checking account to avoid a possible upcoming overdraft.
It will also notify the customer if they have more money than usual in a particular month prompting them to transfer it into savings.
Currently, the solution offers more than 50 different prompts to a customer based on their individual account activity.
The bank is planning to introduce additional insights into the app regularly and expand its usage to small business and credit card customers later this year.
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By GlobalDataWells Fargo Virtual Channels digital product management head Katherine McGee said: “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.
“Predictive banking is another tool to help customers lead financially healthy lives.”
