The platform, called Vantage, replaces the bank’s Commercial Electronic Office Portal, or CEO Portal, which it launched over in 2002 to serve its commercial banking and corporate and investment banking clients. More than USD 1 trillion in payments volume flows through the portal each month, in addition to generating over 5 million sessions monthly, according to the bank.
Vantage is designed to meet the evolving needs of corporate and commercial clients. The platform is modular by design and aims to address firms’ financial services needs as they grow. The bank is in the process of migrating CEO Portal users to Vantage accounts.
Company officials stated that as a company grows, it needs more sophisticated tools, and those tools become available within the same experience. It’s all in one portal. Companies won’t run out of runway because of the modular nature of Vantage. It gives the ability to scale with customers. The bank spent 2021 building the platform and focused its initial efforts on identifying user personas.
Wells Fargo built artificial intelligence and machine learning into the foundation of the platform to help manage the range of customer types expected to use Vantage. The launch comes as legacy institutions like Wells Fargo face growing competition from fintech firms that are also launching platforms to serve businesses’ banking needs.
The bank’s representatives want Vantage to be a place where their clients can get all of their banking from a digital perspective. It offers a lot in one platform. The bank is also attuned to the fintech ecosystem and is looking to partner where it makes sense.
The new platform is one of the latest digital revamps for the USD 1.7 trillion-asset bank. Wells Fargo rolled out a new consumer mobile app in 2022 and unveiled a virtual assistant, called Fargo, in October 2022.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now