A recent compendium of bank technology case studies from financial research and advisory firm Celent, asked the question, “What would it look like for a bank to do everything right with today’s technology?”
According to Celent, Wells Fargo was the first major U.S. financial services company to announce a mobile banking solution specifically for commercial and corporate banking customers due to the proliferation of mobile devices in the enterprise as well as customer demand for mobile features and functionality.
Wells Fargo’s Commercial Electronic Office Mobile solution went live in full production in November 2007 and currently is live with mid-market and large companies in a variety of industries. The solution consists of a browser-based mobile banking solution as well as an SMS-based notification system for alerts. Key data features of the solution include intra-day balance information for key accounts, intra-day account activity, detailed wire information, alerts and wire approvals.
The Celent report states that Wells Fargo expects to realize several key benefits from the application including a competitive advantage from its head start on the competition, increased customer satisfaction and improvements in customer retention and acquisition. Wells Fargo also expects the majority of its commercial and corporate customers to adopt CEO Mobile as one of their channels within the next three to five years.