Wells Fargo unveils Greenhouse effect with money management app
Wells Fargo has unleashed Greenhouse, a new standalone mobile banking app to help consumers manage their money and know where they stand financially.
The app combines personal finance management (PFM) tools with Wells Fargo banking, offering “personalised” insights through artificial intelligence (AI). The bank says Greenhouse will be available in a limited, national pilot in the first quarter of 2018 and will launch for Apple iPhone users during the first half of 2018.
Steve Ellis, head of the innovation group at Wells Fargo, says “many people manage money with a rear-view mirror approach, only looking backwards at the end of each month” and its app lets people become “more hands-on with their finances”.
The app offers money management with two accounts that work together: one account for weekly spending tied to a debit card, and one account dedicated to savings and bills.
It includes a real-time debit card to use with a mobile wallet tied to the weekly spending account; and access to both accounts at more than 13,000 Wells Fargo ATMs and approximately 5,900 retail bank branches.
In addition, there is access to the Zelle peer-to-peer payments network to receive and send payments to US bank accounts.
Last month, Wells Fargo brought near-field communication (NFC) enabled mobile wallet capability (tap and pay) to more than 5,000 of its ATMs (40% of its ATM network).