In a bid to thrive and expand in the digital age, Wells Fargo has formed a new innovation group that will be led by head of Wholesale Services, Steve Ellis.
The Innovation group will “work in partnership with its major businesses to meet evolving customer needs and stay ahead of the shifting competitive landscape.”
The Group will be focused primarily on five core areas: research and development; innovation strategies; payment strategies; design and delivery; and analytics.
“Creating the Innovation Group puts an even larger focus on creating the products, services, and technologies that will allow us to stay competitive and allow our customers to do their banking when, where, and how they would like,” said John Stumpf, chairman and CEO of Wells Fargo.
Initially moving with Ellis to the new group will be three of his Wholesale Services teams, including payment strategies, research and development, and social strategy and collaboration. Other teams and team members from across the enterprise are expected to become part of the Innovation Group over time.
“The end goal is for the Innovation Group to serve as a catalyst for the company to quickly transform its business models, processes and programs, and user experience all while successfully managing within an enhanced risk and regulatory environment,” said Ellis, a 28-year veteran of Wells Fargo who will remain based in Los Angeles.
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