Transforming Banking Operations for Digital-Led Experiences

How Wells Fargo Is Transforming to Deliver New Customer Experiences
Phani K Kanchinadham and Abhishek Bhushan, Wells Fargo India

Two years ago, Wells Fargo, a 170-year-old financial institution, observed a change in customer behavior. Customers now prefer to go online than visit branch stores. Wells Fargo responded to this transition by transforming its operations for a digital-first, self-service approach.

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"In the consumer lending space, we are aligning our business priorities as well as banking strategies to meet customers wherever they are," says Abhishek Bhushan, vice president and head of auto lending technology, Wells Fargo India and Philippines.

That means providing self-service capabilities and a consistent omnichannel experience with an emphasis on a digital-first experience for customers.

Phani K Kanchinadham, senior vice president and head of commercial lending and banking technology, Wells Fargo India and Philippines, says requirements "are different for small business customers and large customers" in the commercial lending space.

"Small business customers prefer digital and self-service channels. But for large customers in the commercial lending space, I engage with the CFO," Kanchinadham says.

CFOs prefer face-to-face interactions with relationship managers, he says. "They prefer embedded finance and customized products that give them visibility into their financials through their own ERP systems - by connecting with our banking system using APIs," Kanchinadham says.

In a video interview with ISMG, Kanchinadham and Bhushan discuss:

  • Technology transformation in traditional banking operations;
  • Challenges of digital transformation in banking;
  • Strategies to address the talent shortage.

Kanchinadham has over 26 years of technology experience across commercial lending and leasing, finance technology, enterprise data, customer relationship management and benefits administration. In his current role, he is responsible for wholesale technology in India.

Bhushan has over 18 years of experience in application development. In his current role, he is responsible for end-to-end development and delivery of software to achieve commercial and business value, maintain competitive advantage and enhance customer and developer experience with emphasis on creating digital-first solutions for end users.

About the Author

Brian Pereira

Brian Pereira

Director, Global News Desk, ISMG

Pereira has nearly three decades of journalism experience. He is the former editor of CHIP, InformationWeek and CISO MAG. He has also written for The Times of India and The Indian Express.

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