Project Description


James Stahley, Senior Vice President – Partnerships, Wells Fargo

With technology advancing at an accelerated rate, businesses have increasingly heightened expectations. Businesses anticipate services should be easy and intuitive, as well as secure, not just for themselves but also for their customers. They desire (and may demand) greater control of the services they use to work faster and be more connected.

In banking and payments, examples of growing expectations due to technology are everywhere. For businesses, this may translate into even greater control of payables to organize, optimize, and reconcile, or a simpler and easier onboarding process to start accepting payments from consumers immediately with a pricing structure to match.

In response, financial institutions, fintechs, and others in the payments industry need to be open to new partnerships and integrations as boundaries continue to blur. While providers may have been able to go it alone successfully in the past, businesses likely will begin to gravitate to providers who “play well with others” to improve their customer’s experience in new ways.

For financial institutions like Wells Fargo, it is about bringing the bank to the customer, wherever they are. Businesses and their customers operate in ‘digital ecosystems,’ or in sets of frequently used apps and websites, where banking needs to be integrated in those experiences and workflows. They want convenience, and it is important we listen to their needs and deliver tangible value – we start with the mindset that it’s not about technology or even fintech. It’s about giving businesses information to make better informed financial decisions, and giving them the tools and ability to instantly complete a transaction whenever they want and wherever they are.

For all of us along the payments ecosystem, reducing complexity by making things easier to connect and integrate is a key driver of adoption. An example is the advancements in application programming interfaces (APIs). API technology has advanced significantly in the past decade, opening up integration opportunities for the broader market. Modern APIs have matured to the point where integrations are simple and turnkey for the developer.

This is helping embed payments in many different digital workflows; for example, accelerated disbursements in an insurance claims flow. When a consumer’s home is damaged by weather, they launch their insurer’s app from their mobile device to file a claim, the claim is processed, and funds are delivered directly to their bank card almost instantaneously, all made possible by a push-to-card API.

The voice of the customer is what is leading us into the future. At Wells Fargo, we are embracing the advancements in technology, all with our customers in mind. For businesses and other providers, we have a market-leading API channel with a portfolio of payments based use cases live, and we’re working on more to address customer needs from across the company.

Technology is evolving quickly, but those who listen to customers and adapt have an opportunity to lead and deliver differentiated value to customers. It’s one of the most exciting aspects of the financial services industry today and a classic win-win.

For more information, contact your Wells Fargo treasury management representative or fill out the Contact Us form on this site.