SAN FRANCISCO - July 24, 2012
Five years ago Wells Fargo & Company (NYSE:WFC) launched Wells Fargo Mobile (wf.com), a browser-based mobile banking solution enabling its customers to access their Wells Fargo financial relationship on their mobile device. Since then, customers have initiated more than one billion sessions through Wells Fargo Apps, wf.com and text banking. In fact, mobile is the fastest growing distribution channel in the history of Wells Fargo – twice as fast as the online channel – serving 8.5 million customers.
“As the first major financial institution to offer online banking in 1995, we looked forward to serving our customers, whose financial needs are time-sensitive and complex, through mobile devices,” said Jim Smith, executive vice president and head of Wells Fargo Digital Channels Group. “Mobile banking has changed the way a lot of people bank. It helps customers stay on top of their finances and act immediately, whether they want to check an account balance, pay a bill or transfer money to a friend.”
“The mobile web looked significantly different in 2007 than it does today. The iPhone had just been introduced, and mobile web access was limited. Today, we see a proliferation of new mobile technology, 4G access in most parts of the country, and a variety of money management tools available on mobile devices,” said Brian Pearce, senior vice president and head of the Retail Mobile Channel at Wells Fargo’s Digital Channels Group. “We have always believed in choice – allowing customers to bank with us where, when and how they want. Today, customers are on their mobile devices, and it’s important for us to connect with them and be able to provide our financial services on the spot.”
When Wells Fargo mobile banking launched in 2007, customers could check balances, view transactions, and transfer money. Since then, Wells Fargo has introduced a variety of new mobile offerings, including Apps for Android, iPhone, BlackBerry and Palm devices, alerts and mobile bill pay services. In addition, Advanced Access was added that enables customers to receive a one-time passcode on their mobile devices to authenticate their online credentials.
Most recently, Wells Fargo initiated a pilot of its Wells Fargo Mobile Deposit service where customers can deposit most checks directly into their eligible Wells Fargo checking or savings account using the Wells Fargo Mobile App on supported Apple and Android devices. It’s currently available in seven states, with plans to expand throughout the country by year end. Earlier this year, Wells Fargo announced the launch of Send & Receive Money, which enables Wells Fargo and Bank of America customers to send money to and receive money from one another using just an email address or mobile phone number.
Looking forward, Wells Fargo will continue to develop mobile banking applications that draw on the unique functionality offered through mobile devices. Wells Fargo mobile banking is a graduate of Wells Fargo Labs, a testing and development environment where customers are invited to engage and interact with products in order to collect early feedback during the development process. Wells Fargo uses the Labs environment to develop innovative banking solutions that offer customers more financial convenience and transparency.
“Mobile Banking is now mainstream; consumers and small businesses love the ease and convenience of transacting anytime, anywhere,” added Pearce. “By listening to our customers, we’ve created a whole new way for them to stay on top of their finances in a safe, secure and confident manner,”
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About Wells Fargo Online, Mobile and Text Banking
Wells Fargo is a leading provider of online and mobile financial services for individual consumers, small and middle market businesses, and large corporations with a full range of banking, money movement, investing, asset management, and other financial and risk management products. Wells Fargo was recognized by Bank Technology News on "The Innovators" list for its online banking services (2012). Keynote’s Mobile Banking Scorecard named Wells Fargo winner in two categories: Privacy & Security and Quality & Availability (2012). Keynote’s Small Business Scorecard named Wells Fargo #1 overall four straight years for its service to small businesses online (2012).
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With approximately 265,000 full-time equivalent team members, Wells Fargo serves one in three households in United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.