LAS VEGAS — Wells Fargo will launch a new artificial intelligence (AI)-based virtual assistant that will be powered by Google Cloud.
The AI assistant, Fargo, will allow customers of $1.9 trillion Wells Fargo 24/7 access to their accounts with the ability to activate and deactivate debit cards, search for transactions, monitor FICO scores and review spending habits, Michelle Moore, executive vice president and head of digital at Wells Fargo, said Monday during Money 20/20 in Las Vegas. The solution will be released in the coming months, according to a bank release.
“What we’ve done is really leverage a lot of the technology that Google uses,” Moore said.
Fargo is built on Google Cloud’s conversational AI platform, Dialogflow, and uses natural language processing to enhance the bank’s binary mobile app by prioritizing connectivity and interactivity with the bank’s technology, Yolande Piazza, vice president of financial services at Google Cloud, said at the event.
Customers will be able to use the tool to monitor accounts through self-service capabilities and also seamlessly transfer to a live agent, Moore said.
“It’s just a different way to start thinking about how financial services connect with our customers,” Piazza added.
Wells Fargo joins Truist, U.S. Bank and Bank of America, which have all recently enhanced their AI-assistant offerings.
The announcement follows Wells Fargo’s Q3 earnings call, when the bank posted yet another quarter of increased investment in new platforms, digital capabilities and product launches.
Looking ahead, the bank plans to add Spanish language capabilities, financial goal assistance and budgeting offerings as the virtual assistant evolves, Moore added.
