Wells Fargo customers are not satisfied with the bank’s old technologies and systems and call for an upgrade. Is it time to adopt blockchain-based solutions or distributed ledger systems like Ripple? While this might be the story of other US banks, Wells Fargo’s struggle is quite representative.
From Innovative to Primitive
Back in the ‘90s, Wells Fargo was the first American bank to offer online banking. However, the lender is falling short of clients’ expectations in terms of innovations, according to current and former employees.
Recently, the Wall Street Journal (WSJ) reported on the bank’s archaic systems. While Wells Fargo has enhanced its tech offerings, including contactless debit cards, online mortgage applications, and card-free ATMs, the bank is still struggling with problems across tech operations.
What’s worrying is that the top management often doesn’t seem to care. For example, the lender’s division monitoring initiatives like Apple Pay had missing documents on a regular basis, as their creation and verification…