Taking mobile banking to the next level
Wells Fargo’s newest mobile experience is designed to make it more convenient for customers to make payments on-the-go and digitally manage their accounts.
Wells Fargo is ushering in new mobile banking features to make it easier for its nearly 22 million mobile app users to digitally manage their accounts and make payments with their smartphones and other mobile devices.
The latest feature, Pay with Wells Fargo, brings together the most commonly used digital payment tools — such as Zelle® and mobile wallets — on the Wells Fargo mobile app home screen, allowing customers to make a payment in only a few taps.
Avid Modjtabai, head of Wells Fargo Payments, Virtual Solutions and Innovation, will announce Pay with Wells Fargo at the May 10 Investor Day — the company's annual event for the investment community where senior leaders share their outlook for the rest of the year. A pilot for the new feature will be introduced to Wells Fargo team members in June and with customers later this year.
She will also announce at Investor Day that Control TowerSM — a new tool to help customers more easily use their mobile devices to manage digital payments, bills, and other financial account connections — will be rolled out in a nine-state customer pilot in June. The feature has been in a pilot with team members since earlier this year.
Both features reinforce the company’s strategy of “providing customers with tools that make their financial lives easier and simpler, and put them in better control of their finances,” she said.
“Pay with Wells Fargo is another step in our journey to transform how we serve customers.”
— Avid Modjtabai
The features come as Wells Fargo has garnered recognition for having the best overall mobile banking app in the industry, according to a survey from Business Insider. Javelin Strategy & Research’s 2017 study also ranked the app first in four major categories: account opening, financial fitness, money movement, and security empowerment.
Wells Fargo’s latest features reflect the company’s clear insights into consumer needs and expectations in the mobile marketplace, said Heather Hogsett, vice president of technology and risk strategy for Financial Services Roundtable, an industry advocacy group.
“These new features give consumers the kind of experience, convenience, and control they are looking for,” she said. “Having the most frequently used payment options all in one place shows Wells Fargo understands their customers and is delivering the kind of services they are most likely to use.”
Feedback from customers and team members played a key role in the development of both new features, Modjtabai said.
“Pay with Wells Fargo is another step in our journey to transform how we serve customers,” she said. “The enhancements we are making in mobile are an example of how Wells Fargo is innovating based on customer needs, and feedback about how they want to manage their money.”
Paying ‘on the go’
Pay with Wells Fargo is designed to enhance the convenience of making payments while on-the-go. Along with Zelle — the peer-to-peer payment network launched by Wells Fargo and with several of its peer banks — other features initially highlighted include mobile wallets, Wells Fargo’s card-free ATM, money transfers, and check deposits. In a future enhancement, Wells Fargo plans to launch a feature where customers also will be able to donate money to their favorite charities and nonprofits directly from the mobile experience.
Mobile data research determined those apps were the ones used most by customers.
Wells Fargo’s strong investment in mobile banking innovation is key to its competitive strategy, said Tatjana Kulkarni in a recent article for Bank Innovation.
“With over 28 million digital customers (online and mobile) in 2017, it seems only logical that Wells Fargo is increasing investment in its mobile app,” Kulkarni writes. “But Wells Fargo is not alone in this race of mobile banking. Most major banks are also trying to better their mobile apps.”
Modjtabai said Wells Fargo is committed to offering the best in digital banking.
“We want to keep Wells Fargo at the top of the wallet, by expanding support of digital cards and wallets, and with services like Zelle and Pay with Wells Fargo that make the act of paying as effortless as possible,” she said. “We are focused on delivering what our customers want.”