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Wells Fargo Tests AI-Driven Chat Experiences with Facebook Messenger

Are we seeing AI reaching a tipping point in Financial Services? In my talk ‘AI In Financial Services’ at the Fintech Storm AI Forum last week in London I shared that over 30% of financial services organisations are already using AI-driven applications (Narrative Science). According to Paul Daugherty the CTO of Accenture “AI is poised to transform business in ways we’ve not seen since the impact of computer technology in the late 20th century,”

Another demonstration of big brands embracing AI came this week with news that Wells Fargo is testing AI-driven chat experiences for Facebook Messenger. This is interesting for us as we also have chat bots on our roadmap for our AI receivables management platform.

Steve Ellis, head of Wells Fargo’s Innovation Group, where the company’s Artificial Intelligence Enterprise Solutions team is based, talks about the immediacy of Messenger;

“Our goal is to deliver information ‘in the moment’ to help customers make better informed financial decisions. AI technology allows us to take an experience that would have required our customers to navigate through several pages on our website, and turn it into a simple conversation in a chat environment. That’s a huge time-saving convenience for busy customers who are already frequent users of Messenger.”

This follows their announcement back in February of the setup of the AI team;

“Wells Fargo sees an increasing number of opportunities to better leverage data to provide personalized customer service through our bankers and digital channels. The group will be at the forefront of the company’s enterprise efforts in this rapidly emerging area, and shape future services for customers.”

You can read the full Wells Fargo press release here