In its press release, Wells specifically identified the issue of recurring payments and unused — but paid for — subscriptions that customers may fail to manage because they lack a holistic view into their finances. The financial institution (FI) pointed to The Harris Poll research, which found in a survey, conducted on behalf of Wells Fargo, that 79 percent of Americans have automatically recurring payments, but agree they may be paying for unused services. Nearly one third of Americans surveyed said they know they have memberships or subscriptions they are paying for and not using.
The Control Tower solution provides small businesses and consumers with a consolidated view of where their debit and credit cards are connected, including recurring payments, mobile wallets and third-party data aggregators. In a statement, Wells Fargo Head of Virtual Channels Jim Smith said payments today have become “more complex and cluttered” for many customers.
“If you lose a card or want to update a billing address, you’re expected to go on a journey of self-discovery to remember all the different places your financial information is stored, which can be time-consuming and cumbersome,” he said. “With Control Tower, Wells Fargo is simplifying the process by providing customers [with] a more comprehensive view of their digital footprint and the ability to turn access to their Wells Fargo debit or credit card on and off with the swipe of a button.”
In addition to addressing wasted money, Wells Fargo said its Control Tower solution aims to provide more visibility and control for customers in terms of how and where their account information is shared and stored online. Moving forward, the FI said it plans to add new features to Control Tower, including providing users with control over which apps, devices and businesses can access their account information.