Banks on ‘golden age’ of digital bank promotions
Bank promotions have become more important than ever.
The latest report from Wells Fargo (WFC) said that the bank is promoting its digital banking products on a “golden” age.
Wells Fargo expects to see its online banking products “expand and diversify,” but said that its digital offerings are still “in a very nascent phase.”
It said that it expects to invest more than $3 billion over the next three years to help its customers “become more proactive about their bank digital strategy.”
For the past few years, Wells Fargo has been the leading bank in the digital banking space, according to Wells Fargo.
And the bank has been investing in its online bank promotions to improve customer experience and ease the transition from traditional banking to digital banking.
Wellspers Fargo said that there is “no doubt” that digital banks will play a key role in the bank’s strategy.
It noted that it will invest more in its mobile and mobile apps and said that “the number of digital accounts that customers can open is increasing at an accelerating pace.”
The bank also said that digital banking will play an “important role in our growth strategy,” as it plans to increase its digital customer base from 2.2 million in the first quarter of 2020 to 4.6 million by 2021.
But the bank said that while it is committed to offering its customers digital bank cards, it is not “at all wedded” to its online strategy.
It said it has a “small number” of digital customers who have a “digital-first” banking philosophy, but that “we see the need to offer more value and service to those who do not have a digital banking profile.”
Wells Street was expecting the bank to report better-than-expected quarterly results on Thursday, but the bank had to pull back from its prediction of a fourth-quarter loss of $1.2 billion due to an unspecified “concern with our global operations.”Read more