Wells Fargo sets up artificial intelligence team in tech push

NEW YORK Wells Fargo & Co has created a team to develop artificial intelligence-based technology and appointed a lead for its newly combined payments businesses, as part of an ongoing push to strengthen its digital offerings. Wells Fargo's AI team will work on creating technology that can help the bank provide more personalized customer service through its bankers and online, the bank said on Friday. It will be led by Steve Ellis, head of Wells Fargo's innovation group. Well Fargo's AI focus comes as banks and other large financial institutions increase their investment in the emerging technology which seeks to train computers to perform tasks that would normally require human intelligence. Projects range from systems that can spot payments fraud or misconduct by employees, to technology that can make more personal recommendations on financial products to clients.