Wells Fargo & Co is restructuring its payments and virtual solutions to specifically focus on payments, artificial intelligence and application programming interfaces.
The newly created Payments, Virtual Solutions and Innovation Group intends to enhance connectivity for its payments efforts, increase opportunities with artificial intelligence, and advance application programming interfaces to corporate banking clients.
The investments into each segment will help Wells Fargo create innovative digital banking experiences, thereby helping customers achieve their financial targets.
Avid Modjtabai, head of Payments, Virtual Solutions and Innovation, states,
Customers want new types of services that make banking and managing finances convenient and easy – without disrupting their ability to interact with us how and when they desire.
The group which was set up in October will witness Danny Peltz, the head of treasury, merchant, and payment solutions group, heading the payments and APIs. Danny, with the team, will work on Wells Fargo’s payments strategy and maximize opportunities across market segments, including business development and relationships for Wells Fargo across the payments industry.
Steve Ellis who heads the company’s innovation group will be overseeing Artificial Intelligence development. Ellis will be seen exploring various utilities for AI and working on new strategies to expand them across several business units of the company.
The focus on AI focus seems to be Well Fargo’s efforts to keep up with other banks and financial institutions who are increasingly investing in the emerging technology to introduce smart technologies during normal banking operations. The innovations and technologies will vary from the ones detecting payments fraud or misconduct by officials to those that facilitate personal recommendations on financial offerings to the customers.
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.
Wells Fargo Gateway, earlier this year, has already started piloting new API-based services with corporate customers. They will continue to develop and advance a holistic strategy around delivering API services to customers.
In a statement, Wells Fargo mentions with the group it aims to redefine the next generation of capabilities and offerings and to prioritize research and development that elevates the customer experience.