Global Big Data Conference

Although a bank's business has basically stayed the same over the last couple of decades, how a bank operates has drastically shifted. The fundamental pillars of a bank, according to Mike Telang, executive vice president and head of enterprise architecture at Wells Fargo, now focus on mostly security, regulation, and innovation. When it comes to technology trends in the financial services industry, Telang said its impact on a bank depends heavily on where the bank is in its maturity lifecycle. "I think it depends on the lifecycle of the maturity of where you are as a bank at that point in time and you've got to find a solution for that ... you have a lot of trends like blockchain, you have a lot of trends like security, so we are applying the technology to the use case that suits us best," Telang said during a panel session at VMworld 2019 in San Francisco last week. Looking at emerging technologies, Telang described the challenges Wells Fargo has faced in adopting machine learning (ML) and artificial intelligence (AI).