Friday, May 11, 2018
Wells Fargo & Co. launched Pay with Wells Fargo, a solution designed to simplify mobile payments by consolidating a variety of mobile payment schemes into a single app. Avid Modjtabai, head of payments, virtual solutions and innovation at Wells Fargo, demonstrated the mobile app May 10, 2018, at the company's Investor Day. He described the solution as part of a multipronged effort to transform Wells Fargo's customer experience.
"Pay with Wells Fargo is another step in our journey to transform how we serve customers and provide them with tools that make their financial lives easier and simpler, and put them in better control of their finances," Modjtabai stated. "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."
Modjtabai said Pay with Wells Fargo is the first phase of Wells Fargo's revised mobile banking platform, aimed at simplicity, easy-to-use, and an optimized mobile experience. The financial institution is making progress with a companywide reorganization, following the fraudulent set-ups of approximately 3.5 million fake bank and credit card accounts. The company subsequently fired internal sales teams and revised commission structures, according to recent reports.
Modjtabai demonstrated how customers can tap their favorite payment methods on the home screen, before even signing in to Pay with Wells Fargo. After selecting the appropriate transaction feature and identity verification, digital wallet users can check account balances, send payments, transfer money and make purchases. Available features include Zelle, mobile wallets, Card-Free ATM Access Code, mobile check deposits and money transfers, he noted.
Wells Fargo supports multiple online, in-store and in-app payment schemes, including Google Pay, Samsung Pay, Visa Checkout, Apple Pay, Wells Fargo Wallet for Android and online bill payment options, according to the company's website. Modjtabai believes aggregating these various payment methods will add convenience, security and simplicity. Designated Wells Fargo employees will test the Pay with Wells Fargo app, Modjtabai. This will be followed by consumer tests in select regions later in 2018. The company's near-term product road map includes in-app mobile donation capability, personalized features that promote a tailored experience based on individual preferences and usage patterns, he noted.
Modjtabai also presented Control Tower at Investor Day, a solution that enables customers to access their digital footprints and manage and control financial data from a central location. Having a holistic view of finances will provide a seamless mobile payments and banking experience and help consumers declutter their digital lives, he said.
Brett Pitts, head of digital for Wells Fargo Virtual Channel, said future releases of Control Tower will enable users to update subscriptions or stop sharing credit card information with the swipe of a finger. Pitts mentioned the tendency to store credit card information in multiple locations, which can make updating a subscription a "multi-week journey of self-discovery as I cycle through the 35 places where I put my card." Control Tower will simplify this journey, he said.
Control Tower will also give Wells Fargo deposit account holders and payment cardholders greater control of their recurring payments, mobile wallets and subscription service activities, Wells Fargo representatives stated. Future releases will have an on/off button, enabling customers to control when and where their Wells Fargo account is shared. The company plans to test Control Tower with a Wells Fargo customer in June, followed by a multistate customer pilot and wider release later this year.
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