Executive Summary
Wells Fargo & Co. is one of the top three US banks by asset, according to June 2020 statistics from the US Federal Reserve. Wells Fargo placed first in our 2020 Digital Banking Trust survey for consumer ease of use perceptions and consumer perceptions of feature breadth.
Source: Wells Fargo & Company 2019 Annual Report
Among the bank's unique features is Control Tower, a centralized dashboard that allows users to manage, monitor, and control their accounts and products more easily from one place. Wells Fargo's leading feature breadth perceptions reflect steps it has taken to boost awareness of digital capabilities.
Overall, the bank's combination of tools that give customers a more centralized view of their finances, and design elements that make products and services easy to locate and understand are key reasons why Wells Fargo achieved leading customer ratings in the ease of use category.
Wells Fargo fell behind Citibank and Chase when it came to consumer reliability per our Digital Banking Trust Survey. And it should also keep an eye out for digital banking startups such as Monzo or Chime—though the Wells Fargo Greenhouse is a digital offshoot that can stand to compete with neobanks.
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