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4 keys to Wells Fargo’s strategy to transform the bank with AI

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4 keys to Wells Fargo’s strategy to transform the bank with AI

In 2027, redesigning workflows with AI in mind is “the biggest area of focus” for Faraz Shafiq, the bank’s head of AI products and solutions.

LAS VEGAS – Artificial intelligence may be everywhere, but value isn’t, according to Wells Fargo executive Faraz Shafiq. To get there, the bank is taking a deeper, strategic look across workflows with transformation in mind.

Shafiq, head of AI products and solutions at Wells, joined the bank in February to oversee the roadmap and development of AI-powered products to be used across the company. He was previously a leader at Amazon Web Services.

“The year started off by making sure that we have the right tools enabled for our employees,” Shafiq said in an interview. From there, Wells began to identify targeted uses and is seeing tangible benefits from those.

In 2027, rethinking workflows and integrating AI into those is “the biggest area of focus” for Shafiq.

“That is something I'm going to spend a lot more time and energy on [in] the remainder of the year, as well as next year,” he said.

The $2.3 trillion-asset bank’s effort to derive value from AI goes beyond the application of a single tool or focusing on a few use cases, he said.

“Our goal here is to use AI to fundamentally transform how our bank operates,” Shafiq said.

Shafiq, speaking Tuesday at the Money20/20 conference in Las Vegas, said San Francisco-based Wells Fargo sees four core components to achieving that goal:

As proof points of AI’s impact on the bank’s products and services, Shafiq pointed to virtual assistant Fargo, which has collected a trove of data through some 1 billion customer interactions, and banker intelligence capabilities that enable advisers to better prepare for client meetings.


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