Wells Fargo and Google Cloud have expanded their strategic partnership to implement agentic artificial intelligence tools across the organisation, in a move that will equip all Wells Fargo branches, including investment bankers, marketers, and customer and business relations teams, with Google Cloud’s agents and artificial intelligence tools.
The move comes after the US financial services firm and Google Cloud teamed up in 2022 to launch an AI-powered virtual assistant called Fargo for retail customers.
The partnership will see Wells Fargo use Google’s Agentspace, Google Cloud’s platform for creating, managing and deploying AI agents at scale, to boost customer experience with hyper-personalised experiences, automate routine tasks and improve operational agility.
Wells Fargo said agents will help its corporate and investment bank’s employees respond to, triage, and summarise complex post-trade currency exchange requests, as well as navigate policies and procedures across internal systems and data sources.
“The agents can automate routine tasks such as balance inquiries and debit card replacements, significantly reduce wait times and allow bankers to focus on complex tasks and deepen customer relationships,” Wells Fargo said in a statement.
The company will use the technology across various functions, including sophisticated searches, content creation and the generation of actionable summaries and insights, to further improve operational agility across all channels.
The two companies said the collaboration will follow “rigorous ethical and regulatory frameworks” to promote safety and accountability.
According to its website, Wells Fargo currently has approximately $2 trillion in assets.
The company’s offering includes a diverse range of banking, investment and mortgage products and services, as well as consumer and commercial financing, through its four operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management.
Lloyds Banking Group also recently announced plans for the development of an agentic AI system in collaboration with Google Cloud.
The bank said the move aims to improve how customers interact with the bank and is expected to be rolled out to customers later this year.
The announcement came as Lloyds revealed it would migrate key data science and AI platforms to Google Cloud to strengthen its AI capabilities.
