Innovation Should Focus on the Customer, Wells Exec Says

Financial institutions have done a “good job” of increasing the “speed of change” in the industry, but innovation is not something that’s ever finished, according to Katherine McGee, head of digital product management at Wells Fargo Virtual Channels.

However, Wells is not “innovating for the sake of innovating,” she said during CBA Live 2016, but rather because there’s a customer need that the bank is trying to fulfill.

“At Wells Fargo, we focus on understanding our customers: what are their pain points; how do we continue to evolve and leverage technology — as well as people, processes, and operations — to better meet their needs,” McGee said.

To that end, Wells analyzes data constantly in its innovation lab, McGee said, to figure out which technology the bank wants to bring to life for the consumer. For example, Wells noticed that customers were logging into their phone and getting their balances 15 times per month.

“We said, ‘How can we make that easier for them?’” she said. As a result, Wells added “Fast Look,” which allows customers to see their balance before they log into their account. “[Consumers’] lives are busy, we’re part of their lives, and we want to try to make their interaction with us as easy as possible,” McGee said.

Learn more about the tech and disruption in the industry at Auto Finance Innovation 2016, May 11 in Fort Worth, Texas. Visit www.autofinanceinnovation.com