Wells Fargo launches digital business banking platform Vantage
US banking giant Wells Fargo has launched a “one-stop-shop” digital banking platform for its corporate investment and commercial banking clients.
Named Vantage, the new offering leverages artificial intelligence and machine learning (AI/ML) to deliver personalised corporate and commercial financial services for businesses based on their specific needs.
The platform uses AI to provide financial recommendations and next steps, Wells Fargo says, with ML utilised to refine personalisation and ensure scalability, allowing the platform to meet the needs of firms as they grow.
“Our commercial and corporate clients’ banking needs evolve over time,” says Reetika Grewal, head of digital for commercial banking and corporate and investment banking at Wells Fargo. “Vantage simplifies and personalises their experience so that they can stay focused on what’s most important – growing and improving their businesses.”
The bank says Vantage is the latest in its ongoing digital transformation efforts, sitting alongside its consumer mobile app released earlier this year and its new virtual assistant, Fargo, which is still in development.
Fargo will be built on Google Cloud’s conversational AI platform Dialogflow, leveraging the language processing capabilities of the platform to understand customers’ intents and provide a tailored response.
These solutions are “just the start”, the bank says, as it continues its multi-year plan to become “digital-first”.