Wells Fargo to launch pilot with Facebook Messenger

(Courtesy of Jacksonville Business Journal)

Wells Fargo & Co. is launching a pilot to test an artificial intelligence-driven experience through Facebook Messenger.

The San Francisco-based bank — the third-largest bank in Central Florida — has hinted at incorporating financial services into third-party environments for a while now. Steve Ellis, head of Wells Fargo’s Innovation Group, talked about implementing banking tools in Facebook Messenger with sister paper Charlotte Business Journal earlier this year.

“It all comes back to making it easier for customers to do business with you,” Ellis said at the time.

“Our goal is to deliver information ‘in the moment’ to help customers make better informed financial decisions,” Ellis said in a statement Tuesday. “AI technology allows us to take an experience that would have required our customers to navigate through several pages on our website, and turn it into a simple conversation in a chat environment. That’s a huge time- saving convenience for busy customers who are already frequent users of Messenger.”

Wells Fargo (NYSE: WFC) says it has provided assistance to customers through Facebook since 2009. In May 2016, the bank adopted Messenger and its main channel for addressing customer questions and problems.

Facebook users have been able to send and receive money on Messenger since 2015. The social-media platform announced April 11 users can now send and receive money between groups of people on Messenger, using Android phones or desktop computers. Facebook (NASDAQ:FB) did not immediately respond to a request for comment on the Wells Fargo pilot.

Most of Wells Fargo’s customer engagements now happen over Messenger, rather than on its public news feed.

The bank announced in February Ellis would lead a new team called the artificial intelligence enterprise solutions team. Since its sales scandal emerged last September, Tim Sloan, Wells Fargo’s new CEO, has said the bank is relying on technology to rebuild trust.

Most of the large banks in the U.S. are experimenting with artificial intelligence. Charlotte, N.C.-based Bank of America’s virtual assistant, called Erica, is expected to launch this summer.