Wells Fargo adds predictive banking feature to mobile app

Wells Fargo & Co. has announced that mobile banking deposit customers now have access to a predictive banking feature that analyzes account information and provides them with personalized account insights and guidance

Insights range from flagging higher-than-normal automatic monthly payments so that customers may look into a change to a reoccurring bill to reminding a customer to transfer money from savings to a checking account to avoid a possible upcoming overdraft.

Conversely, if a customer has more money than usual in a particular month, they might be prompted to transfer money into savings, a press release said.

Currently the service includes more than 50 different prompts based on customers' past and anticipated future account activity, and new insights will be added regularly, the release said.

«We understand the importance of not only providing customers with insight into their spending habits, but providing it to them where they already are, which is increasingly on a mobile phone, and in a format that allows them to take immediate action,» said Katherine McGee, head of digital product management for Wells Fargo virtual channels. «Predictive banking is another tool to help customers lead financially healthy lives.»

The predictive banking feature aims to streamline the abundance of information available in customer accounts, the release said. For instance, upon buying an airline ticket, a customer may be prompted to set up an account travel plan for their upcoming trip, alerting the bank to potential transactions in other states or countries, and avoiding potential issues with their cards.

Customers can access the predictive banking insights by tapping the blue light bulb icon on the account information screen of their mobile banking app.

Source: ATM Marketplace