One big bank has made a major stride in winning millennial business – but is its plan doomed to fail?
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One big bank has made a major stride in winning millennial business – but is its plan doomed to fail?
Wells Fargo announced last week its latest ploy to earn – and keep – Millennial business: A mobile finance tool call Greenhouse.
Is the big bank prepared the handle the shift in finance management?
One mobile banking originator doesn’t think so.
"Having spent so much of my career in retail banking, I understand first-hand the internal strife a venture like this will create, particularly as the bank-owned mobile-first initiative gains traction,” Colin Walsh, CEO of Varo Money, said. “When the sales teams in the branches start falling short of their goals because Greenhouse is succeeding, the pressure will build to clip the wings of the innovative venture.”
It should be mentioned that Varo Money, itself a mobile banking startup, could be considered a competitor to Wells Fargo’s Greenhouse.
For its part, the big bank seems bullish on its foray into mobile banking.
“We believe the Greenhouse experience will appeal to a broad base of consumers, many of whom have several income sources or are paid infrequently, which can make budgeting a challenge,” Avid Modjtabai, head of Payments, Virtual Solutions and Innovation at Wells Fargo, said. “Whether you are new to banking, don’t have regular paychecks, or typically manage money with cash, we believe the Greenhouse experience can help you manage day-to-day spending while planning for the future.”
Greenhouse will be available as a limited pilot in Q1 2018.
The online platform will offer artificial intelligence to help customers stay on track of their financial goals.
“Many people manage money with a rear-view mirror approach, only looking backwards at the end of each month,” said Steve Ellis, head of the Innovation Group at Wells Fargo. “The Greenhouse experience helps consumers take control of their financial health by enabling them to become more hands-on with their finances. From creating a weekly spending budget, to working toward financial goals, the customer is in control — all on a mobile phone.”
Wells Fargo announced last week its latest ploy to earn – and keep – Millennial business: A mobile finance tool call Greenhouse.
Is the big bank prepared the handle the shift in finance management?
One mobile banking originator doesn’t think so.
"Having spent so much of my career in retail banking, I understand first-hand the internal strife a venture like this will create, particularly as the bank-owned mobile-first initiative gains traction,” Colin Walsh, CEO of Varo Money, said. “When the sales teams in the branches start falling short of their goals because Greenhouse is succeeding, the pressure will build to clip the wings of the innovative venture.”
It should be mentioned that Varo Money, itself a mobile banking startup, could be considered a competitor to Wells Fargo’s Greenhouse.
For its part, the big bank seems bullish on its foray into mobile banking.
“We believe the Greenhouse experience will appeal to a broad base of consumers, many of whom have several income sources or are paid infrequently, which can make budgeting a challenge,” Avid Modjtabai, head of Payments, Virtual Solutions and Innovation at Wells Fargo, said. “Whether you are new to banking, don’t have regular paychecks, or typically manage money with cash, we believe the Greenhouse experience can help you manage day-to-day spending while planning for the future.”
Greenhouse will be available as a limited pilot in Q1 2018.
The online platform will offer artificial intelligence to help customers stay on track of their financial goals.
“Many people manage money with a rear-view mirror approach, only looking backwards at the end of each month,” said Steve Ellis, head of the Innovation Group at Wells Fargo. “The Greenhouse experience helps consumers take control of their financial health by enabling them to become more hands-on with their finances. From creating a weekly spending budget, to working toward financial goals, the customer is in control — all on a mobile phone.”
