Wells Fargo has introduced a new digital banking platform called Vantage, designed to better serve its commercial, corporate, and investment banking clients.
Vantage is envisioned as a comprehensive digital banking solution, consolidating Wells Fargo’s extensive range of financial products and services into a single user-friendly interface. This platform aims to address the evolving needs of corporate treasurers and small-to-medium enterprises (SMEs) by leveraging artificial intelligence (AI) and machine learning (ML) technologies.
In a recent discussion, Reetika Grewal, EVP and head of digital for commercial banking and corporate investment banking at Wells Fargo, emphasized the platform’s accessibility for all clients, whether a family-owned business or a global corporation. “All businesses need digital tools that allow them to manage their finances effectively,” she stated.
Grewal pointed out that client expectations have shifted significantly, particularly in the wake of the COVID-19 pandemic. While the previous Wells Fargo platform, known as the ‘Commercial Electronic Office,’ provided solid functionality, Vantage is designed to enhance the overall client experience.
“Our wide array of products and services can now be seamlessly integrated, allowing clients to discover, self-serve, and fulfill their banking needs more efficiently with Vantage,” she said.
Wells Fargo faces the unique challenge of catering to a diverse and rapidly changing client base in commercial and corporate investment banking. To tackle this, the bank invested considerable effort in developing personalized features through its ‘persona-driven AI,’ ensuring a tailored experience for every client.
As clients vary significantly in their growth trajectories, Grewal highlighted the importance of a modular design to accommodate diverse requirements. “The goal is to provide a singular portal that encompasses banking services, lending products, marketing, and capital markets unlike many banks that offer multiple portals,” she explained.
A key objective for the Vantage platform was to create a streamlined dashboard experience so clients are not overwhelmed by complex terminology or product names during their banking activities.
“We’ve simplified banking jargon with Vantage to make it more accessible, using straightforward language enhanced by our personalization engine. This offers a consumer-grade experience tailored for businesses,” Grewal elaborated. “Our AI and ML capabilities analyze client data to anticipate their future needs.”
Additionally, Vantage aims to support companies in scaling their operations and advancing their digital transformation journeys. Grewal highlighted plans to integrate onboarding processes into the Vantage platform, ensuring clients receive a digital-first experience from their initial interactions with the bank.
The platform was developed and launched in under a year, with a phased rollout plan for client onboarding. “While some may perceive us as slow, we have intentionally adopted advanced technology to expedite this innovative solution,” Grewal noted.
Complementing the Vantage platform is Fargo, Wells Fargo’s virtual assistant, which was launched in October. This initiative is part of the bank’s broader digital transformation strategy, which also includes the release of its consumer mobile app in late 2021.