Wells Fargo invests in AI and API for enhanced customer service

Dive Brief:

  • Wells Fargo & Company announced it formed a new organizational structure to leverage technologies such as Artificial Intelligence (AI) and Application Programming Interfaces (APIs).

  • The company says it will leverage such technologies "to provide personalized customer service through our bankers and digital channels," according to a company press release. The AI group will be led by Steve Ellis, head of Wells Fargo's Innovation Group.

  • Wells Fargo said it has already started piloting API-based services with corporate customers.

Dive Insight:

Wells Fargo has seen its share of controversy over the last year, and appears to be doubling down on innovative and customer-centric efforts as it works to rebuild its image.

Financial organizations have been slower to invest in new technology. Wells Fargo may see investments in AI and APIs as a competitive differentiator that can help regain some status in the financial world.

AI-related hardware, software and services companies will jump from $8 billion in 2016 to $47 billion by 2020, according to IDC. By the end of 2017, more than 80 of the world's 100 largest enterprise software companies (by revenue) will have one or more integrated cognitive technologies in their product line and customer experiences.

Filed Under: IT Strategy Big Data
Top image credit: Flickr; Mike Mozart