SAN FRANCISCO—Wells Fargo is developing a virtual assistant to help it convert more retail banking customers into digital users, according to a new report.
The assistant, named Fargo, will be able to execute tasks including paying bills, sending money and offering transaction details and budgeting advice, CNBC reported.
Fargo is expected to be released to the market in 2024 after the bank releases a revamped mobile app and website in early 2022.
‘Broader’ Overhaul
“The move by Wells Fargo is part of a broader technology overhaul under CEO Charles Scharf,” CNBC reported. “Updating the bank’s aging systems has been a priority for Scharf since becoming chief executive two years ago, as well as a key part of the turnaround needed after the bank’s 2016 fake accounts scandal. Last month, Wells Fargo announced a decade-long plan to move computing to Google and Microsoft cloud servers.”
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