Wells Fargo is reorganizing some of its research departments to focus more on emerging technologies, including mobile payments and AI tech.

The bank recently formed an internal division called the Payments, Virtual Solutions and Innovation Group which will focus on these new developments. The move shows that banks and financial service providers are aware of the popularity of mobile and are throwing a significant amount of resources into developing it more.

“Customers want new types of services that make banking and managing finances convenient and easy – without disrupting their ability to interact with us how and when they desire,” said Avid Modjtabai, head of the Payments, Virtual Solutions and Innovation Group.

Mobile developments
Wells Fargo is one of many banks that have been working to expand their digital offerings outside of the traditional set of tools.

While many banks already have Web sites or even a mobile application, more and more are beginning to invest even more into these assets.

Beyond a simple mobile app is one that can be used for mobile payments and that adds a unique value to a consumer’s financial life, something that they cannot do otherwise.

Wells Fargo is going all in on digital with the creation of a new internal department dedicated solely to exploring and developing new digital solutions that take advantage of the unique technologies now available to the industry.

The department is called the Payments, Virtual Solutions and Innovation Group.

Wells Fargo is investing in mobile payments

This group will focus on three core areas of innovation as it expands Wells Fargo’s digital repertoire – payments, artificial intelligence and application programming interfaces.

The first of these areas will provide Wells Fargo customers with the ability to make mobile payments. This includes making mobile bill payments through the Wells Fargo app as well as partnering with merchants to accept payments in-store and online.

Secondly, the bank is working with artificial intelligence both on an enterprise level and on a consumer level, suggesting Wells Fargo could be venturing into the world of chatbots in the near future.

Finally, Wells Fargo’s API initiatives will make it easier for third-party apps and services to integrate easily with the data provided by Wells Fargo.

Payments and innovations
Wells Fargo has not been slouching when it comes to investing in mobile and digital, but the development of this new internal department is still a big step towards making the bank more mobile-friendly.

Still, Wells Fargo has had a number of other plans set in motion over the last few months that are consistent with this new approach.

For example, Wells Fargo recently began allowing its API to be available on Mastercard’s payment technology platform (see story).

Similarly, the bank also debuted a mobile wallet for Android devices last year, highlighting the fact that they see a significant number of mobile wallet users the same way Apple does (see story).

These campaigns were the precursor to Wells Fargo’s new internal innovations department, which will make these sorts of initiatives its business.

Wells Fargo is hoping to capitalize on the rise in popularity of mobile, and starting a team focused solely on that is a great way to start.

“Since the announcement of our Payments, Virtual Solutions and Innovation group in October, our goal has been to redefine the next generation of capabilities and offerings, and to prioritize research and development that elevates the customer experience,” Mr. Moditabai said.