Wells Fargo Looks To AI To Improve Mobile App PYMNTS.com

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."