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The
Life Sync tool allows mobile users to set and track financial
goals, check their credit scores and connect with financial
advisers.
"We already have around 100,000 goals" set on the tool, which
account for $24 billion in financial plans, said Michael Liersch,
head of advice and planning at Wells Fargo.
Life Sync will allow users to invest and move money between
accounts via their mobile app.
Digital offerings have enabled Wells Fargo to cut costs by
reducing branch staff by 10% and branch locations by 4% from a
year earlier, executives told analysts on a conference call in
July.
Online financial tools can also bring in big money. Rival Bank
of America's offering, Life Plan, attracted more than $55
billion in new money since it was introduced in late 2020, it
said in March.
"We know that customers are looking for speed, usability and
insights and the financial planning app allows them to track it
any time of the day," said Michelle Moore, Wells Fargo's head of
digital for consumer, wealth and investment management.
Wells Fargo, the fourth largest U.S. bank, will report its
third-quarter earnings on Friday.
(Reporting by Nupur Anand in New York; Editing by Lananh Nguyen
and Cynthia Osterman)
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