Wells Fargo, Artificial Intelligence and You

We are in a new era of artificial intelligence. Make headlines daily, like AI-generated songs that sound like your favorite pop star. The current growing ecosystem of revolutionary AI tools has sparked unprecedented interest in this area of technology. Take a look at ChatGPT. OpenAI’s natural language AI chatbot becomes one of the world’s fastest growing web platforms just two months after its launch in late 2022.
While AI is the trend topic today, Wells Fargo has been investing in AI technology for most of a decade. These investments are now paying off through better customer experiences.
“Over the past two to three years, the use of AI and machine learning tools has been streamlined, allowing them to integrate more easily into enterprise applications,” said Swarup Pogalur, head of digital capabilities and AI engineering at Wells Fargo. “At Wells Fargo, we have been on a journey towards AI adoption, from a digital adopter to a digital leader, while carefully managing our risks to ensure consistency with regulatory oversight.”
New to Artificial Intelligence? Here’s what you need to know.
1. What is AI and what is Wells Fargo doing with it?
The simple definition of AI is that it is a problem-solving machine. Artificial intelligence is designed to mirror or simulate human logic by taking information and learning from each interaction.
This technology is far from science fiction. Just look at your Wells Fargo Mobile app to see it in action. Fargo ™ is a virtual assistant that helps customers get answers to their everyday banking questions on their smartphone.1 Fargo ™ It uses Dialogflow, Google’s conversational AI, to understand what you want to do by comparing what you write or say in the app with data from countless consumer conversations.
But there are many other types of AI that shape your banking experience. For example, the customer engagement engine gives Wells Fargo bankers insight into what kind of goals or conversations would be most useful to customers.
“How do we draw insights from the data to drive better customer outcomes and operational efficiencies? We see this as a significant innovation opportunity for the bank,” Pogalur said.
2. Why have AI technology?
AI gives the technology you touch every day a deeper understanding of who you are. This has countless benefits for customers.
Representatives of two-thirds of the top 50 U.S. companies on LinkedIn agree that AI is already helping their businesses be faster and smarter. One in three of the top companies, a list that includes Wells Fargo, says it expects AI to make even greater profits in the next five years.
One AI-based technology platform from Wells Fargo that will have a big impact soon is the Enterprise Open Source Data Science Platform. It lays the foundation for building and delivering innovative tools and improvements to customers much faster by arming Wells Fargo data scientists with AI and machine learning building blocks they can use to develop AI solutions in an accelerated way and help design better data-driven customer experiences. The platform will help the company stay agile through upcoming AI transformations.
“Like any other industry, financial services will see a significant disruption in the way we build the products and services we offer,” Pogalur said. “But we have a strong position around open banking, which means that as the AI space evolves, we are able to create banking products that are super-loaded with AI and are where customers are.”
3. What’s in the AI store at Wells Fargo?
Wells Fargo is preparing for big changes with AI in the coming years. Our engineers are building the key platforms and components that will enable us to accelerate the deployment and use of AI in a secure and sustainable way.
We are committed to responsible technology and strong risk management; This is especially critical for AI-based systems. Wells Fargo supports safe and effective uses of AI that do not expose consumers to discrimination and data abuse practices.

“AI products and solutions and the AI technology landscape are going through a phase of rapid innovation and have opened up a wealth of opportunities to reimagine how we interact with our customers and employees by enabling personalized and intuitive experiences,” Pogalur said. “Wells Fargo is very well positioned to learn and embrace these opportunities in a thoughtful way because we have the talent, leadership and capabilities.”