Consumers today lead frenetic, complex lives, with the finances to match, and often that means struggling with multiple cards, accounts, and memberships.
Wells Fargo is looking to change that. With the “Control Tower” experience announced by the bank earlier this week, consumers will have the ability to consolidate their financial lives into one single hub. The service is set to go live in 2018.
The Tower experience allows Wells users to see all of the places where their Wells account information is being shared, as well as all of the places their Wells card is currently connected.
Users can then turn the sharing of their data off or on within the platform, essentially taking full control over who is accessing their data and when. Wells shows what the experience might look in the video below:
Considering all of the places consumers have their payment information stored today, which could include collections of forgotten subscriptions, deleted apps, or programs linked to their cards, giving consumers the ability to see a comprehensive list of the places one’s card is connected seems like a win for banks.
Combine that capability with the features of something like Final, which gives consumers a unique 16-digit credit card number for purchase at each different merchant, and future banking customers will have clear, precise knowledge and control of everywhere their financial data is going.
Implementing something like the Control Tower experience seems like a good first step towards that future. Wells will roll out a pilot program with its own team members later this year, before a full launch next year.4 - Readers Like This Post