Wells Fargo partners with Google Cloud to power a new virtual assistant
Wells Fargo & Co. has partnered with Google LLC’s cloud business to create an artificial intelligence-powered virtual assistant that will help consumers with their banking tasks.
The companies announced the partnership today. The bank’s new virtual assistant, known as Fargo, will roll out to its mobile app in the coming months.
Fargo allows users to perform common account management tasks using natural language instructions. The virtual assistant can activate and deactivate debit cards, provide information about recent transactions, and perform other actions that usually need to be done manually. If the virtual assistant receives a request from a customer that cannot be answered automatically, it routes the request to the Wells Fargo customer support group.
Fargo is powered by Google Cloud’s Dialogflow service, which provides tools for creating virtual assistants. Dialogflow includes a visual interface that allows developers to create several basic components of a virtual assistant without writing code, which saves time. The service also provides tools that make it easy to add a newly developed virtual assistant to a company’s website and mobile apps.
Dialogflow is available in an entry-level edition and a more advanced version called Dialogflow CX. This latest version enables a virtual assistant to be equipped with natural language processing models based on BERT, a popular machine learning approach. Widely used in AI software projects, BERT enables a virtual assistant to interpret natural language instructions more accurately than other machine learning methods.
“By combining our core AI and natural language processing capabilities with Wells Fargo’s industry-leading banking experience, we can provide customers with connected and personalized tools that seamlessly integrate with their financial needs,” said Yolande. Piazza, vice president of financial services at Google Cloud. .
Over time, Wells Fargo plans to update its new Fargo Virtual Assistant with additional features. Support for Spanish is expected to roll out next year. Additionally, the bank plans to introduce several financial wellness features that will allow Fargo to help customers with tasks such as calculating budgets.
“As mobile banking has become the preferred way for Wells Fargo customers to bank, we will continue to innovate together with strategic partners like Google Cloud to create customer experiences that inspire and support them in their financial journeys,” said Wells Fargo Head of Digital. Michael Moore.
Besides Wells Fargo, Google Cloud has also account many other major financial institutions among its customers. To expand its market presence, the search giant has developed several industry-specific offerings geared towards the financial sector.
In April, Google Cloud made its debut a reference architecture designed to help banks more easily connect their cloud environments to the SWIFT payment network. The SWIFT network is used by banks to carry out international transactions worth billions of dollars a year. According to Google Cloud, its reference architecture can reduce the time and effort required to connect to the network.
Previously, Google Cloud introduced an offering called Datashare for processing financial information. The offer makes it easier for organizations such as banks to obtain market data from their financial data providers.