{"id":113039,"date":"2020-02-13T13:30:24","date_gmt":"2020-02-13T18:30:24","guid":{"rendered":"https:\/\/www.borndigital.com\/?p=113039"},"modified":"2020-02-13T13:30:27","modified_gmt":"2020-02-13T18:30:27","slug":"wells-fargo-emphasizes-digital-with-organizational-restructure","status":"publish","type":"magazine","link":"https:\/\/brainstation.io\/magazine\/wells-fargo-emphasizes-digital-with-organizational-restructure","title":{"rendered":"Wells Fargo Emphasizes Digital With Organizational Restructure"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Need\u00a0to Know<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Wells Fargo has announced a new organizational restructuring, including five new line-of-business CEOs.<\/li><li>The bank is also launching an entire department focused on digital innovation.<\/li><li>Wells Fargo\u2019s EVP &amp; head of innovation sees AI as a central focus for banking innovation moving forward.<\/li><li>43% of Wells Fargo\u2019s customer base uses online banking.\u00a0<\/li><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Analysis<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Wells Fargo, the fourth-largest bank in the US, hasunveiled a <a href=\"https:\/\/www.finextra.com\/pressarticle\/81460\/wells-fargo-creates-strategy-digital-platform-and-innovation-group\">new organizational structure and digital strategy<\/a>, starting with a whole new department focused on digital innovation.\u00a0<\/p>\n\n\n\n<p>In a recent announcement, Wells Fargo CEO Charlie Scharf explained that the new model will have five line-of-business CEOs in Consumer and Small Business Banking, Commercial Banking, Corporate &amp; Investment Banking, Wealth &amp; Investment Management, and Consumer Lending.&nbsp;<\/p>\n\n\n\n<p>\u201cThe Wells Fargo franchise has extraordinary opportunity and power, and these organizational changes enable us to more effectively pursue our goals and take advantage of the opportunities in front of us,\u201d Scharf said.<\/p>\n\n\n\n<p>In addition to the five newly appointed CEOs, Wells Fargo is also launching a new Strategy, Digital Platform &amp; Innovation group. This new department is designed to enhance \u201cthe company\u2019s focus on planning for the digital future and investing in the customer experience.\u201d&nbsp;<\/p>\n\n\n\n<p>As no leader has yet been named, the team will report to Scharf in the interim.&nbsp;<\/p>\n\n\n\n<p>The move to direct an entire department to digital innovation signals a new long-term strategy for Wells Fargo to incorporate digital-first thinking into every department\u2019s priorities.&nbsp;<\/p>\n\n\n\n<p>According to <a href=\"https:\/\/thefinancialbrand.com\/89994\/banking-future-wells-fargo-innovation-digital-ai-platform-blockchain\/\">Lisa Frazier, the company\u2019s EVP and Head of Innovation<\/a>, the work being done to facilitate a digital transformation begins at the line-of-business level, requiring every department in the company to be \u201cideating, redesigning and reimagining the experience.\u201d&nbsp;<\/p>\n\n\n\n<p>Frazier believes that banking innovation starts in three key areas: applying new technologies to solve customer problems, creating new business models, and making sure the company has innovation DNA in its culture.<\/p>\n\n\n\n<p>As far as new technologies go, for Frazier, AI is a central focus for the future of financial technology. \u201cWe\u2019re the team thinking about the future applications of AI and then working with the technology team to create models to go into production.\u201d&nbsp;<\/p>\n\n\n\n<p>While innovative, these moves are not the beginning of a digital-first focus for the major bank. With over 30 million digitally active customers, that means 43% of its total customer base is using online banking.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Need\u00a0to Know Wells Fargo has announced a new organizational restructuring, including five new line-of-business CEOs. The bank is also launching an entire department focused on digital innovation. Wells Fargo\u2019s EVP &amp; head of innovation sees AI as a central focus for banking innovation moving forward. 43% of Wells Fargo\u2019s customer base uses online banking.\u00a0 Analysis [&hellip;]<\/p>\n","protected":false},"author":76314,"featured_media":113045,"menu_order":0,"template":"","meta":{"_acf_changed":false,"footnotes":""},"categories":[3400,13,3414],"tags":[3494],"magazine-region":[],"magazine-series":[],"magazine-topic":[],"class_list":["post-113039","magazine","type-magazine","status-publish","has-post-thumbnail","hentry","category-banking","category-News","category-technology-News","tag-wells-fargo"],"acf":[],"_links":{"self":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine\/113039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine"}],"about":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/types\/magazine"}],"author":[{"embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/users\/76314"}],"version-history":[{"count":0,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine\/113039\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/media\/113045"}],"wp:attachment":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/media?parent=113039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/categories?post=113039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/tags?post=113039"},{"taxonomy":"magazine-region","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-region?post=113039"},{"taxonomy":"magazine-series","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-series?post=113039"},{"taxonomy":"magazine-topic","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-topic?post=113039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}