Wells Fargo’s approach to digital transformation and modern technologies

The core business of a bank in the modern world has roughly stayed the same.

Despite this, the way a modern bank operates has changed drastically indeed.

To stay ahead, Wells Fargo focuses on the following:

– Regulation

– Cybersecurity

– Innovation

Mike Telang, executive vice president at Wells Fargo, believes that technology trends have an impact on the financial services industry and the impact depends on how far the bank has progressed in its lifecycle.

Trends like blockchain and cybersecurity are to be applied to the case that suits it best.

Machine learning and artificial intelligence are heavily relied on when it comes to anti-money laundering mechanisms.

The regulators are asking to identify these, however, since using the wrong algorithm can lead to declining credit to the wrong customer, for instance.

Despite the fact that banks are investing in blockchain on a global level, Wells Fargo hasn’t found a game-breaking use for it yet.

As for using cloud technology, the bank has a multi-cloud approach.

Telang explained that it’s a matter of being agile and moving the workload to another provider if necessary.

Digital transformation comes down to understanding the organisation’s culture.

Wells Fargo takes a unique approach to handling each line of business with its own customers.

Their guiding principle is the customer experience and data which also happens to be their differentiator.

As for the rest? There’s no need to own it, as Telang explained.