Looks like Wells Fargo's competitors in the lending space are moving further ahead. I know WF isn't a big player in this space, but this highlights how much behind the company is versus its competition. Digitizing lending information is the new way, yet we are still stuck in the 1970s and 1980s with our technology.
https://www.bloomberg.com/news/articles/2021-04-23/wall-street-banks-say-time-for-loan-market-to-ditch-the-fax?utm_source=url_link
Not Schart. The Microsoft connection is simply interlocking board directorships with nice fat envelopes for all involved.
@ewb+1aQx9yVo Sure you did, with the Hogan WebKit LOL. Can’t make this stuff up. Lots of regional banks had fully functional transactional banking web sites in the mid 90’s but Wells was not among them.
As long as there is a focus on fax, can someone at WF advisors take notice. They only accept fax to get forms and documentation back to them. It’s insane.
You would think shart, a guy in the Microsoft board and having led Visa which is a tech powerhouse, would be able to force the tech maturity needed. But in almost two years the guy has done nothing like SVB
Wells was one if the last in online banking and has been a laggard in every aspect of technology. The company is the laughingstock when it comes to innovation and technology, be it the app, the old desk phones it has in offices, it’s laughable training technology, the systems it uses to lose out on loan applications, and so much more. The mattress with money under it has more innovative ideas and strategies than Wells Fargo.
We led in technology in the 1990s, one of the first banks with online banking.
Did Wells ever lead in the technology arena?
Everything flows down from the top. Point your finger at the BOD and Charlie. Someone is going to have to lead this company in the right direction and commit to spending the money on technology..
they are going to need to outsource their technology to a Fintech for most of their business areas; they have the wrong type of workers in the positions; especially true in infosec and engineering
@gdh, You can't call them "boys/girls" anymore, you know SVB and the rest of the woke crew are too busy promotimg pronouns to everyone.
yes it is unacceptable and is throughout the organization; I really think the management here are causing the company's failures in this space to protect their positions and hold the company back until it fails.
Yes, all that stuff going digital would be great. Be even better if we had confidence that those boys/girls in tech with their "current skills" could actually keep our systems up/running at anything close to 100% of the time so we could access them.