Wells Fargo forms payments and digital group

Wells Fargo has created a payments, virtual solutions and innovation group led by 23-year bank veteran Avid Modjtabai.

Wells says that the new group will bring teams from across the bank in a "aligned and integrated" way as it seeks to deliver new payment and digital services and ramp up investment in research and development and build strategic partnerships with outside players in the new fintech era.

Modjtabai is a member of the bank's operating committee and currently leads its consumer lending group and cross-company operations.

In her new role, from 1 November she will be in charge of a team of execs, including Steve Ellis from the innovation group, Shelley Freeman from consumer credit cards and retail services, and Jim Smith from the virtual channels.

Tim Sloan, president and COO, Wells Fargo, says: "Creating this new group will significantly enhance our ability to transform products, services and technologies to deliver simple, reliable and compelling new experiences for today’s and tomorrow’s customers."

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Cards Innovation Mobile & online banking

Comments: (1)

Gerard Hergenroeder - Payments Shark - Millersvile 13 October, 2016, 17:49

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What works well is someone who understands the business of banking first coupled with an appreciation of technology. Technology centric solutions never work. The trick is to be creative but always be aligned with your clients, and to not over or under spend. New markets always take longer to develop than you expect. Always remember the Gartner Hype Curve. It is great that Wells is taking a client not a product approach to all this. This seems like a simple move but for a bank like Wells it is big since big large banks do not play well internally.