Wells Fargo Moves Into Voice Payments


Wells Fargo seems to be on the upswing after last year’s fake accounts scandal and fine.  That’s good news for shareholders, who are seeing an upswing the stock price due to the Trump rally in financials, but to be fair, they’re taking some excellent actions to recover as well. 

They’ve recently announced that they’re moving into voice payments in a very big way, and claim their interface will surpass all others out there at present.  That’s a bold claim, and we’ll have to see if it bears out.
(Cindy Taylor/Publisher)

‘Wells Fargo is working on a voice-first payment capability it could soon make available for consumers.

That would go beyond where the rest of industry is at with voice interface, which, for the most part, has not yet advanced beyond basic requests like, “How much money do I have in my checking account?”

In 2015 for example USAA launched Nuance’s virtual assistant, Nina, on its website. Bank of America expects to launch Erica later this year as a virtual assistant integrated into the mobile banking app. Capital One has an Alexa skill. Customers can turn to their virtual financial assistant for basic day-to-day functions, like checking account balances and credit scores of scheduling bill payments.

But all of these things just scratch the surface, said Steve Ellis, head of Wells Fargo’s innovation group, who teased the bank’s own forthcoming voice-controlled payments offering.

“These digital assistants like Siri or Alexa — these things are just starting,” Ellis said. “There’s a really big future here for how our customers interact with us. We are starting to do proofs of concept with information exchange… but the idea of moving money from a fund to someone through a peer-to-peer payments system — that’s coming.”’

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