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Wells Fargo’s assistant, powered by Google’s AI, poised to hit 100 million interactions annually
The company’s virtual assistant app, Fargo, has handled 20 million interactions since it was launched in March. The bank’s traction in AI is significant because it contrasts with most large companies, which are only are in the proof of concept stage with generative AI.
Fargo, a virtual assistant that helps customers get answers to their everyday banking questions on their smartphone, using voice or text, is seeing a “sticky” 2.7 interactions per session, Mehta said. He said the core value of banking, of matching capital with a particular user’s need, remains relatively stable, and that most innovation will be on the “experiential and capability end of the story.” When asked where Wells Fargo will go here, he said that if LLMs can become more “agentic,” or allow users to go do things like booking a cruise by understanding multimodal input and leading them through a series of steps to get something done, it will be “a big deal.” A second area is around providing advice, where understanding multimodal intent is also important, Mehta said. When asked what keeps him up at night, Mehta cited banking regulation, which has increasingly fallen behind technology advances in generative AI, and areas like decentralized finance.
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