- Wells Fargo launched a new digital banking platform, Vantage, for commercial, corporate, and investment banking.
- Vantage leverages AI and machine learning to deliver more personalized recommendations and actionable insights based on clients’ unique needs.
- The new offering comes as part of Wells Fargo’s digital transformation efforts, which include the launch of a new consumer mobile banking app earlier this year.
The new digital banking platform from Wells Fargo, called Vantage, is an upgrade of the bank’s Commercial Electronic Office, or CEO Portal. The new offering is designed to give Wells Fargo’s commercial, corporate, and investment banking clients a more personalized experience by leveraging AI and machine learning. Vantage uses both enabling technologies to provide recommendations and actionable insights based on the specific needs of clients, and refines and improves its capacity for personalization as clients use the technology.
“Our Commercial and Corporate clients’ banking needs evolve over time, which is why we’re delighted to launch Vantage, a digital banking platform that simplifies and personalizes their experience so that they can stay focused on what’s most important – growing and improving their businesses,” Wells Fargo’s Reetika Grewal said. Grewal is the head of Digital for Commercial Banking and Corporate & Investment Banking clients.
Wells Fargo’s launch of Vantage is being billed as part of the institution’s overall digital transformation efforts. These efforts include the introduction of a revamped consumer mobile app — featuring a virtual assistant called Fargo — announced in October and launched earlier this year. The new Fargo-enabled app is able to handle a variety of basic banking tasks, including billpay and sending money, as well as provide transaction details and budgeting advice. This week’s Vantage announcement also arrives in the wake of Wells Fargo’s launch of its automated, same-day loan solution, Flex Loan.
Wells Fargo has approximately 27 million active mobile banking users, trailing rivals Bank of America, with more than 32 million active mobile banking users, and JP Morgan Chase, with more than 44 million such customers, as of Q3 of last year. Further, Wells Fargo is growing its mobile banking customers at a slower pace compared to Bank of America and JPMorgan Chase, according to company statements published by CNBC.com.
That said, customers appear to be happy with their Wells Fargo mobile banking experience. The bank’s app came in third place in the Touchpoint Group Engaged Customer Score (ECS) banking app performance rankings for banks in the U.S. – trailing Bank of America and top-rated Citi Bank, but ranking ahead of Chase. Touchpoint Group highlighted Wells Fargo’s app upgrade as a potential source of the app’s strong rating.