The news: Wells Fargo launched an artificial intelligence (AI)-powered client portal that brings all of the bank’s products and services together on one platform, per a press release.
What does it do? The new platform, Vantage, services the bank’s commercial, corporate, and investment banking clients.
To accompany its Vantage platform, Wells Fargo is also working on a complementary mobile app. The bank did not give an indication of when the app would be available.
Another piece of the puzzle: Wells Fargo is in the midst of a massive digital upgrade, and the Vantage platform marks another addition to its growing list of tech under development.
Upgrades gone wrong: Wells Fargo’s planned client transition to Vantage is staged over six months. But even with careful planning, digital upgrades can still be risky with so much on the line.
The botched transitions and upgrades reveal just how easy it is to fracture relationships and lose consumers’ digital trust.
Our US Banking Digital Trust Benchmark report shows that while incumbent banks lead in digital trust, digital-only competitors are giving them a run for their money. Not naturally digital-native, incumbents must constantly upgrade their tech stacks to stay relevant. A single bad experience during the upgrade can cause customers to seek a new option that offers a better user experience.
Our take: Wells Fargo’s digital push could make the bank stand out among competitors, but it’s also working to dig itself out of a deep hole with consumers. The bank lost a lot of consumer trust in the fallout of its fake account scandal. As it works to rebuild that trust and provide personalized and intuitive digital solutions to customers, it must also recognize the risks—like making all of its products and services available solely through one platform that’s vulnerable to disruption—and ensure it has a foolproof contingency plan.
This article originally appeared in Insider Intelligence’s Banking Innovation Briefing—a daily recap of top stories reshaping the banking industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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