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Wells Fargo’s Virtual Assistant, Fargo, Expands Capabilities with Spanish-Language Feature
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Rhea-AI Sentiment
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Rhea-AI Summary
Wells Fargo enhances Fargo virtual assistant with Spanish-language capability, improving access to a large portion of its customer base.
Positive
Increased accessibility to Spanish-speaking customer base
Improved personalized and convenient banking experience
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Fargo increases accessibility to Spanish-speaking customer base
SAN FRANCISCO--(BUSINESS WIRE)--
Wells Fargo & Company (NYSE: WFC) today enhanced its Fargo™ virtual assistant with a Spanish-language capability, improving access to a large portion of its customer base. The new feature enables Spanish-speaking customers to take advantage of the solution that is already providing a more personalized, convenient, and simple banking experience to customers using the Wells Fargo Mobile® app on their smartphones.
“Seeing the volume of Fargo interactions since it went live earlier this year demonstrates that our customers are finding value in an in-your-pocket financial assistant to manage their banking experience,” said Michelle Moore, head of Digital for Consumer and Wealth & Investment Management at Wells Fargo. “Managing finances can oftentimes be complex if a customer isn’t well-versed in how to measure how they are spending, saving, or budgeting – now available to the second largest language population of our customers.”
Between 2010 and 2020, the U.S. Latino population grew by 23%, now making up 20% of the national population and continuing to grow1. In addition, income and wealth among Latinos are growing faster than the broader population, with median family wealth growing nearly three times faster than the typical U.S. household over the last decade2. Offering a Spanish-language capability that can provide details and context about a customer’s financial journey – to the same extent the English-language solution can – improves accessibility to our growing Latino customer base. To ensure the Spanish-language capability is as comprehensive as possible, Wells Fargo leveraged the knowledge of its Spanish-speaking employees representing over a dozen Spanish-speaking countries to test, train, and fine-tune Fargo to understand a number of different regional language differences and dialects.
Now, customers who set their language preference to Spanish can input requests to Fargo and receive instant access to their banking details. Just by talking or typing into their smartphone in Spanish, customers can request Fargo to complete a multitude of tasks including checking their spending insights and credit score, viewing rates and fees, managing their spending limits, and transferring money.
Since its launch, Fargo has facilitated millions of interactions with customers who are using it to navigate their transactions, manage their card limits, search for their routing numbers, and obtain insights into their spending. In the coming months, Fargo will continue to roll out new capabilities that provide a more sophisticated financial experience. The rollout will leverage predictive analytics to enable meaningful conversations that learn and adapt to each individual customer, and deliver proactive insights for a number of different items including:
A spending digest that delivers proactive push notifications to the customer about increases in spending with insights on which spending categories are seeing increases;
Monitoring customer deposits and delivering insights and guidance on where to allocate that money depending on the financial goals they have set;
Monitoring subscriptions and other recurring transactions in addition to providing the option to cancel or pause subscriptions;
Analyzing spending habits and sharing proactive projections for anticipated balances; and
Simplifying budgeting, by calculating how much someone can safely spend, while still covering their bills and hitting their savings targets.
Today’s announcement marks a continuation of Wells Fargo’s holistic digital transformation, as signified by the rollout of a new consumer mobile app last year, and the development of Fargo, its new virtual assistant. These enhanced digital capabilities are just the start of many initiatives in Wells Fargo’s multiyear plan to become digital-first and reinvent personal finance. Understanding client needs is a core part of how Wells Fargo fortifies its client relationships, and the business understands that its technology portfolio must meet these demands.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies and small businesses 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 and Investment Management. Wells Fargo ranked No. 30 on Fortune’s 2020 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.
