Wells Fargo has announced that Fargo, its new virtual assistant, will leverage Google Cloud’s artificial intelligence (AI) to provide a more personalized and convenient banking experience.
The partnership enables Wells Fargo to leverage Google Cloud’s advanced AI capabilities while keeping its customer data secure and private.
Built on Dialogflow, Google Cloud's conversational AI platform, Fargo will debut early next year in the Wells Fargo mobile app.
Google Cloud's AI will help provide a more intuitive experience, using language processing capabilities to understand customers' intent and tailor a personalized response.
For example, when customers want to turn their debit cards on or off, all they need to do is ask Fargo in plain language. App users will also be able to search for specific transactions by date, amount, or type.
In cases when Fargo is not able to provide an answer, it will seamlessly connect customers to a live agent.
“As mobile banking has become Wells Fargo customers’ most preferred way to bank, we will continue to innovate in collaboration with strategic partners like Google Cloud to build customer experiences that motivate and support them on their financial journeys,” said Michelle Moore, Head of Digital for Consumer and Wealth & Investment Management at Wells Fargo.
“This partnership will expand our customers’ digital financial support network by enabling meaningful money conversations conveniently from their mobile devices. It's more than just dollars and cents; it's about uplifting our customers’ emotional and financial well-being by understanding their financial goals and providing the most convenient interactions to meet those goals," added Moore.
Wells Fargo says the collaboration with Google Cloud "marks a pivotal milestone" in its digital strategy as they strive to deliver customers an intuitive banking experience. The company first collaborated with Google Cloud on additional business-critical public cloud services, back in 2021.
Next year, Wells Fargo will be adding Spanish language capabilities to Fargo to accommodate a larger customer base. In addition, the app's predictive analytics will guide customers toward financial wellness, providing actionable tips and insights.
Users will be able to simplify budgeting through safe spending limits, while the app will notify of smart money moves to encourage customers to achieve their goals faster.
“Today’s announcement marks a milestone for Google Cloud as we expand our partnership with Wells Fargo to evolve the digital banking experience. By pairing our leading AI and natural language processing capabilities with Wells Fargo’s industry-leading banking experience, we can provide customers with connected, personalized tools that seamlessly blend with their financial needs,” said Yolande Piazza, Vice President of Financial Services at Google Cloud.
Fargo follows Wells Fargo’s strategic cloud partnerships as the bank plans to employ third-party expertise and capabilities to implement a new multiyear digital infrastructure strategy.Meanwhile, Google Cloud has recently entered a partnership with drugstore chain Rite Aid to fuel its digital transformation across business operations.