Pay with Wells Fargo brings together the most commonly-used digital payment tools - including Zelle, mobile wallets, Card-Free ATM Access Code, mobile check deposits, and money transfers - on the Wells Fargo mobile app home screen, allowing customers to make payments even before signing into the app.įrom the new screen, users of the Wells Fargo app can more simply select the feature they want to use and authenticate to immediately send payments, transfer money, or make a purchase with a digital wallet. Wells Fargo is certainly prepared to face these challenges head-on, and with its new Pay with Wells Fargo feature - which is currently being piloted with Wells Fargo team members before a customer roll-out later this year - the company is hoping to elevate the mobile banking experience for millions of customers. "Financial institutions must elevate and expand the features and functionality they provide to their customers and members via devices, or they quickly risk becoming uncompetitive." "Consumers are expecting more out of their mobile and online banking experiences now than ever before as they move more of their transactions and financial data to digital channels," explained Ken Paterson, VP Special Projects and Director of the Customer Interaction Advisory Service for Mercator Advisory Group, commenting on the findings. The survey found that digital banking users feel it is important for financial institutions to improve their mobile offerings, with 70% wanting mobile deposit, 66% wanting P2P services, and 51% wanting mobile account opening as part of their digital banking offerings. In fact, according to a D3 Banking Technology survey - also published in February - more than two-thirds (68%) report frustration with the digital banking experience. However, while consumers are clearly using their financial apps more frequently, they aren't necessarily satisfied with what's being offered. 55% have at least one full-service banking app - 70% of which use it every week to review their checking and savings account balances or perform other simple transactions, with 16% using it daily. Among smartphone users in the US, nearly two-thirds now have at least one financial app, according to a survey in February this year by Bankrate. Mobile banking has been gradually growing in popularity over recent years. The feature will make it easier for the bank's 22 million mobile app users to digitally manage their accounts and make payments on-the-go using just their smartphones and other mobile devices. Wells Fargo is reimagining the mobile banking experience with a new feature to its mobile app called "Pay with Wells Fargo".
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