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Wells Fargo

FintechNews RoundupUSA
·May. 11, 2018

Wells Fargo Adds Pay with Feature to their Mobile App

Wells Fargo has added a new tool to their mobile app, Pay with Wells Fargo; the feature will be available...
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FintechNews RoundupUSA
·Apr. 6, 2020

Wells Fargo Can’t Meet Loan Demand Due to Constraints Set by Fed

Wells Fargo currently has capacity to lend $10 billion to small businesses under the $349 billion government program; not surprisingly,...
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FintechNews RoundupUSA
·Feb. 14, 2018

Wells Fargo Expands App Features to Include PFM

While most banks still do not offer a forecasting type feature Wells Fargo has added it to enhance their app experience; the bank says a customer can receive 50 different messages based on their account activity; “Having information in the palm of their hands can help lead customers to take action and make more informed financial choices,” Steve Ellis, who heads the bank’s innovation group, said in a press release reported by American Banker; the bank has had their share of issues recently but innovation has been one area where the company has excelled. Source.

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Peer to Peer Lending
·Jan. 20, 2014

Wells Fargo Has Banned Staff From Investing in P2P Lending

[Update March 14, 2014: Wells Fargo decided to reverse this ban on employee involvement in p2p lending.] Really interesting news...
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FintechNews Roundup
·Jan. 6, 2017

Wells Fargo Hires New SVP for Innovation Group

Wells Fargo has hired Peggy Mangot for a newly created position in its innovation group; Mangot will join the bank as senior vice president of the design and delivery leadership team; the innovation group at Wells Fargo was developed to focus on innovation in business models, processes and programs and user experience; Mangot previously worked as chief executive officer of a microinvesting startup platform and also brings experience from Visa and Google.  Source

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FintechNews Roundup
·Apr. 6, 2017

Wells Fargo and Finicity Announce Data Sharing Deal

From the deal, Finicity will gain data sharing access to Wells Fargo's customer data for its clients which include personal financial management providers and online lenders; the deal is one of many currently underway for Wells Fargo and Finicity as well as numerous other market participants; overall, market consensus from American Banker shows less tension between banks and third party providers with companies such as Intuit reporting an increased interest from all parties involved in improving the experience for customers; American Banker also notes that as data sharing becomes more prevalent there's likely to be an evolution of technology that helps facilitate the connectivity.  Source

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Peer to Peer Lending
·Jun. 2, 2016

Wells Fargo Enters Small Business Lending With FastFlex

In early May we learned from a press release that Wells Fargo, one of the largest banks in the United...
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FintechNews RoundupUSA
·Jan. 13, 2020

Wells Fargo Finds Itself Behind in the Tech Race as New CEO Tries to Turn Bank Around

Wells Fargo was one of the first banks to use online banking back in the 1990s but now finds itself...
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FintechNews RoundupUSA
·Feb. 8, 2019

Wells Fargo Has Customer Fuming Over Recent Outages

Wells Fargo customers are skeptical about the reason why they were unable to access accounts; the bank said there was...
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FintechNews RoundupUSA
·Jan. 16, 2018

Wells Fargo Increases Branch Closures As Customers Use Digital More

Wells Fargo has seen customers become more adept at using digital and plans to accelerate their branch closure plans; the company is looking to close more than 800 branches by the end of 2020; “Our vision of satisfying our customers’ financial needs remains unchanged, but how we execute this vision has evolved; this evolution includes developing new ways to more efficiently serve our customers and create a better customer experience,” said CEO Tim Sloan on a conference call as reported by TearSheet; the closures are expected the save the bank about $4bn. Source.

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