Prioritizing deeper digital relationships

Early in my banking career, I viewed technology as an enabler for those who serve customers, but now I see technology as a strategic priority that fundamentally underpins our ability to deliver great advice and solutions to our customers no matter how they choose to interact with us. 

At Wells Fargo today, we believe digital experiences and the foundational infrastructure behind them are critical to building stronger relationships with our clients. At the end of 2018, we had 29.2 million digital active customers. Each interaction, whether it be online or inside our branches, is a chance to help our customers securely and efficiently manage an element of their financial lives. We believe that customers who are engaged and informed are more financially successful.

We learned decades ago, when we were the first bank to introduce online banking in the U.S., that innovation can be a differentiator in a competitive marketplace. 

While we are demanding efficiency gains from each of our businesses, we are still investing billions in technology, security and innovation. After all, we believe data and digital expertise are at the core of great customer experiences today and tomorrow.

We are overhauling our infrastructure, re-imagining processes, and exploring new technologies. We have collaborated with fintechs to create a better digital mortgage experience and to offer robo-advice capabilities. We have applied for patents protecting our new ideas in areas like payments, math-based currency, cybersecurity, and even shopping in augmented reality. We have launched Control Tower?, which offers customers visibility into their recurring payments, allows them to turn their Wells Fargo Debit and Credit Cards on or off, and enables them to control what account data they choose to share with a growing list of third-party financial management apps with whom we have Secure Data Exchange agreements. With our focus on financial health, we have also designed a new banking app called Greenhouse? that makes it easy for those new to banking to stay on track with bills and day-to-day spending. 

Plus, innovation plays to our strengths. We have the scale to ideate and invest internally without having to wait for innovation from outside vendors. We also have the market reach and brand to share our innovations across a national footprint.

Technology helps us know our customers better, serve them more efficiently, and protect them in new ways. It is about building and deepening relationships with our consumer, small business, and institutional customers to help them achieve their financial goals.

Technology alone is not enough. That is why our branches remain such an important part of our value proposition to customers. At each branch, across thousands of communities, customers will find dedicated team members ready to assist with simple questions or help with life-changing financial events.

Our digital banking capabilities, combined with the strength of our branch network, create real and unique value for our customers, and by extension, our shareholders.

This is the future of banking.