Wells Fargo Launches AI Assistant ‘Fargo’ Based on Google Cloud

Wells Fargo will launch the new virtual assistant Fargo, driven by Google Cloud’s AI technology 

Wells Fargo AI Assistant

Wells Fargo Launches AI Assistant ‘Fargo’ Based on Google Cloud. Source: businesswire.com

As reported by Business Wire, Wells Fargo is to launch Fargo, a new virtual assistant, in the coming months. It should be available to all clients at the beginning of 2023.

The bank leverages technology used by Google to power its AI system products. The new solution focuses on differentiated experiences for customers. They will be able to manage their finances, interacting the same way as if they were texting their friends.

Key features of the new Fargo experience include: 

  • Flagging unexpected insights or unusual payments
  • Simplified budgeting
  • Identifying and advising on potential saving or debt consolidation

In particular, Wells Fargo customers can use virtual service to turn on/off debit cards, check credit limits, search for specific transactions by date, amount, or type, etc. For complex inquiries that Fargo cannot address, it will seamlessly connect customers to a live agent.

The virtual assistant promises to be personalized, convenient, and intuitively simple. Its future roadmap includes Spanish language capabilities, financial wellness advice, and predictive analytics. 

Fargo is an answer to changing customer demands. According to the study, recently commissioned by the bank, 65% of millennials and Gen Z clients prefer to use a virtual assistant for customer service requests. The majority (84%) of those who have used virtual assistants reported a favourable experience and 70% cited time-saving as a top benefit.

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