Wells Fargo announced news on Thursday (Nov. 2) of the launch of Greenhouse by Wells Fargo, a new mobile banking app with tools to help consumers, especially millennials, manage their money and know where they stand financially.
In a press release, Wells Fargo said by combining personal finance management tools with Wells Fargo banking, the Greenhouse mobile app will help consumers pay bills on time, spend confidently and start to build a savings cushion. The banking app, using artificial interference, will also provide personalized insights.
Greenhouse, as a standalone mobile banking app, will be available in a limited, national pilot in the first quarter of 2018 and will launch for Apple iPhone users during the first half of 2018, Wells Fargo said in the press release.
“We believe the Greenhouse experience will appeal to a broad base of consumers, many of whom have several income sources or are paid infrequently, which can make budgeting a challenge,” said Avid Modjtabai, head of Payments, Virtual Solutions and Innovation at Wells Fargo. “Whether you are new to banking, don’t have regular paychecks or typically manage money with cash, we believe the Greenhouse experience can help you manage day-to-day spending while planning for the future.”
According to Wells Fargo, with the new mobile app, customers can manage their money through two accounts that work together. One account is for weekly spending tied to the customer’s debit card, while the other account is dedicated to savings and bills. In the latter account, customers can set aside money to build a savings cushion and for specific expenses, like rent or a phone bill. Greenhouse ties the two bank accounts together and provides spending trend visualizations, personalized insights based on an artificial intelligence engine and key reminders to help customers stay on track and reach their financial goals, Wells Fargo said.
Additionally, Greenhouse customers won’t incur bank overdraft fees when using the new app. Purchases and payments that would usually overdraw on accounts won’t be processed.
“Many people manage money with a rearview mirror approach, only looking backwards at the end of each month,” said Steve Ellis, head of the Innovation Group at Wells Fargo, in the same press release. “The Greenhouse experience helps consumers take control of their financial health by enabling them to become more hands-on with their finances. From creating a weekly spending budget to working toward financial goals, the customer is in control — all on a mobile phone.