Wells Fargo announced Thursday that its artificial intelligence-powered virtual assistant, Fargo, has helped customers complete more than 1 billion transactions less than three years after its launch.
The bank also announced in a press release Thursday that its Wells Fargo mobile app, introduced in 2023, surpassed 33 million active users in February.
Wells Fargo believes customers have adopted these digital tools because they enable them to complete financial tasks quickly, securely, and in a more personalized manner.
With Fargo, customers can accomplish more through natural, conversational interactions, the bank said. The mobile app will help customers with tasks such as sending money with Zelle, paying bills, finding routing numbers, and gaining insights on spending and account balances, the bank added.
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“Reaching 1 billion interactions in Fargo is a meaningful milestone because it represents how our customers choose to engage with us every day,” Michelle Moore, head of digital data and artificial intelligence at Wells Fargo, said in the release. “This reflects our disciplined approach to responsibly extending AI to deliver experiences that make banking easier, smarter and more personal.”
The PYMNTS Intelligence report, “Why Digital-First Banking Doesn’t Mean Digital-Only,” found that the convenience of online transactions is driving a surge in the popularity of digital banking.
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A January 2024 report found that 81% of customers used a mobile device to manage their bank account at least once in the previous month. We also found that 60% of Millennials, 57% of Gen Z, and 52% of Gen X primarily use mobile banking apps.
Another PYMNTS Intelligence report, “Is AI the master key to the next era of banking?” found that 72% of retail banking consumers prefer intelligent virtual assistants over traditional chatbots because of the personalized experience the tools can provide.
Wells Fargo Chairman and CEO Charlie Scharf said on an earnings call in January that the bank’s net checking account growth in 2025 will be stronger than in 2024, attributing some of that growth to digital account openings facilitated by its mobile app.
“We continue to make enhancements to our mobile app, including making account opening significantly easier, with 50% of our consumer checking accounts being opened digitally in 2025,” Scharf said. “We also added 1.4 million mobile active customers in 2025, an increase of 4% year over year.”
