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Wells Fargo Announces New Digital Infrastructure Strategy and Strategic Partnerships With Microsoft, Google Cloud
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
partnership
Rhea-AI Summary
Wells Fargo (NYSE: WFC) unveiled its new digital infrastructure strategy, adopting a multi-cloud approach using Microsoft Azure as its primary public cloud provider and Google Cloud for additional services. This strategy aims to enhance technological speed, agility, and scalability for customers and employees. It includes a secure, compliant platform to protect customer data and privacy. Wells Fargo is transitioning to third-party data centers while gradually shifting towards public cloud reliance, emphasizing a digital-first approach to improve customer experiences and operational efficiency.
Positive
Partnership with Microsoft Azure enhances innovation and provides a secure foundation for business workloads.
Collaboration with Google Cloud focuses on advanced AI and data solutions for personalized customer experiences.
Investment in digital infrastructure aligns with Wells Fargo's strategy to improve agility and scalability.
Negative
None.
SAN FRANCISCO--(BUSINESS WIRE)--
Wells Fargo & Company (NYSE: WFC) announced today its new digital infrastructure strategy, combining a multi-cloud approach with third-party data centers to drive technological speed, agility, and scalability for its customers and employees. Central to the digital infrastructure strategy is Wells Fargo’s selection of two industry leaders as its public cloud providers: Microsoft Azure as its primary public cloud provider and Google Cloud providing additional business-critical public cloud services.
A woman looks at her phone with Wells Fargo sign in background (Photo: Wells Fargo)
“Launching our new digital infrastructure strategy is a critical step in our multiyear journey to transform Wells Fargo, making it easier for customers to do business with us and creating a better working experience for our employees,” said Saul Van Beurden, Wells Fargo’s head of Technology. “The Wells Fargo of tomorrow will be digital-first and offer easier-to-use products and services, and all of that starts with driving speed, scalability, and enhanced user experience through the next generation digital infrastructure strategy we’re announcing today.”
Wells Fargo will leverage the Microsoft Azure platform to empower the creation of innovative solutions across all bank functions and provide a trusted and secure foundation for strategic business workloads. The two companies will partner to use critical data and analytics services to accelerate Wells Fargo’s digital transformation, including delivering enhanced customer experiences and enabling increased employee collaboration. Google Cloud will drive advanced workloads, and complex artificial intelligence and data solutions, allowing the company to move faster on driving personalized experiences for its customers and clients.
An integral part of the digital infrastructure strategy is a secure and compliant cloud platform that will provide protections to safeguard the data, privacy, and financial assets of Wells Fargo’s customers, with a focus on data confidentiality.
“Wells Fargo and Microsoft have a longstanding relationship, and we are excited to build on that foundation to accelerate Wells Fargo’s digital transformation journey,” said Judson Althoff, Microsoft’s Chief Commercial Officer. “Microsoft Azure is empowering financial services institutions with its secure, compliant, and scalable platform for industry cloud solutions needs, including for advanced and complex workloads. By standardizing on the Microsoft cloud and trusting Azure as its most strategic and primary cloud platform across all lines of business, Wells Fargo will be able to advance its key business and technology transformation priorities across core areas like managing risk and control, personalized banking, and the digital branch of the future.”
“We’re proud to support Wells Fargo on its multi-cloud journey, with artificial intelligence and data solutions that will not only transform the business but also power the future of personalized experiences for its customers and clients,” said Rob Enslin, president, Google Cloud. “Google Cloud is committed to providing financial institutions with cloud technology that empowers banks to evolve, and to create digital experiences that customers demand.”
As an additional element of the new digital infrastructure strategy, Wells Fargo will transition to a set of third-party-owned data centers, while the company’s longer-term aspirations are to rely predominantly on public cloud. These facilities will complement the public cloud offerings of Microsoft and Google Cloud with both private cloud and traditional hosting services to create a secure, resilient, and flexible technology foundation for the company’s transformation.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
What is Wells Fargo's new digital infrastructure strategy announced in 2023?
Wells Fargo's new digital infrastructure strategy combines a multi-cloud approach using Microsoft Azure as the primary public cloud provider and Google Cloud for additional services.
How will Microsoft Azure benefit Wells Fargo's operations?
Microsoft Azure will empower Wells Fargo to create innovative solutions and provide a secure foundation for strategic workloads.
What role does Google Cloud play in Wells Fargo's strategy?
Google Cloud will drive advanced workloads and data solutions to enhance personalized experiences for customers.
When was Wells Fargo's digital infrastructure strategy announced?
Wells Fargo announced its digital infrastructure strategy on September 15, 2021.
What are the expected outcomes of Wells Fargo's digital transformation?
The digital transformation aims to improve customer experiences, operational efficiency, and technological agility.
