Weekly 10-Q: Wells Fargo makes headway in delivering digital solutions with ‘Vantage’
- Wells Fargo's new 'Vantage' platform provides financial solutions and services all in one place -- giving it a competitive edge over its rivals.
- And, Bank of America CEO Brian Moynihan seems confident not jumping on the layoff bandwagon despite rising revenue pressures.
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Last week we covered: Wall Street banks (still) want customers to pin their hopes on Zelle
Wells Fargo makes headway in delivering digital solutions with 'Vantage'
Aimed at its corporate investment and commercial banking clients, Wells Fargo has rolled out a new online portal, 'Vantage'.
The new offering leverages artificial intelligence and machine learning designed to address customers' demands for customized solutions.
The product is accessible to all of the bank's clients, including early-stage startups, global corporations, and investment banking customers.
The AI tech taps into Wells Fargo’s existing client database to predict what the customer might require at a particular step of their financial journey or when they grow in order to achieve their financial goals. Vantage will also provide advanced insights to its clients regarding important money matters.
The digital platform offers the bank's suite of financial solutions and services all in one place -- giving it a competitive edge over its rivals.
The platform will work in tandem with the bank’s virtual assistant, Fargo – which launched in October this year – as well as its existing Commercial Electronic Office Portal – or CEO Portal – which launched over two decades ago to serve its commercial banking, corporate, and investment banking clients.
Top stories of the week
BANK OF AMERICA
Bank of America CEO doesn’t see the need for layoffs
While rivals including Goldman Sachs and Morgan Stanley reduce staff ahead of a potential recession in 2023 -- Bank of America CEO, Moynihan, and his CFO seems confident not jumping on the layoff bandwagon. However, as the bank seeks to minimize expenses amid revenue pressures, it is strategizing to adjust its headcount -- by allowing positions to go unfilled as employees voluntarily depart, moving people around, and retraining them as needed. (Bloomberg)
Coinbase CEO expects the exchange's FY2022 revenue to plunge by 50%
Coinbase CEO, Brian Armstrong, indicated that the company's revenue will plunge 50% this year compared to FY2021. The anticipation comes from the prolonged crypto winter, the impact of the economic downturn sweeping key players in the space, followed by bigger blows due to a string of high-profile collapses -- which has smashed investor confidence in digital assets. Shares of Coinbase were up 2.74% on Thursday, but have plunged 82% year-to-date. (Business Insider)
Deutsche Bank partners with NVIDIA to fuel AI solutions
Deutsche Bank has secured a multi-year agreement with NVIDIA, an AI solutions provider, to accelerate the use of AI in financial services. Deutsche Bank will leverage NVIDIA's AI Enterprise, an end-to-end software suite that can run in the cloud or in the data center. The two companies intend to develop applications across the bank's business, mainly focusing on three categories -- risk model development, high-performance computing, and the creation of a branded virtual avatar. (PYMNTS)
Intuit buys financial health startup SeedFi
Intuit acquires SeedFi, maker of the Credit Karma Credit Builder tool. The move comes from Intuit to help improve users’ financial health at a time when American consumers are struggling with financial stability. By combining SeedFi’s Credit Builder technology with Credit Karma’s established relationships with credit bureaus in the ecosystem, Intuit will be providing a line of credit and secured savings account to build up both credit and savings for consumers. (Finextra)
Intuit QuickBooks Online and AvidXchange roll out invoice-to-pay API integration
Intuit QuickBooks Online and AvidXchange have released an invoice-to-pay API integration. With this new solution, QuickBooks Online users can add an accounts payable and payment solution that is fully automated, end-to-end, and cloud-based. This includes automatic syncing of accounting codes, vendor information, invoices, and payments, adding more transparency to payments data. (The Paypers)
Marqeta integrates 'Mastercard Track Instant Pay' virtual card solution
Marqeta has integrated the Mastercard Track Instant Pay virtual card solution to enable instant payment of supplier invoices. Track Instant Pay uses machine learning and straight-through processing, which will allow Marqeta US customers to authorize payments to suppliers straight away after invoices are received -- rather than waiting for the invoices to be manually approved. This will let businesses streamline their scalability instead of losing time on administrative tasks. (Seeking Alpha)
Robinhood launches 'Robinhood Retirement' savings accounts
Robinhood rolled out Robinhood Retirement savings accounts, which will allow consumers to open an individual retirement account (IRA) and choose between a traditional or Roth IRA to begin saving for retirement now. Robinhood’s IRA product offers a 1% match from Robinhood on every eligible dollar contributed to the account. This means users who save for the first time, like gig workers, can eventually grow their retirement savings. Users are now eligible to join the waitlist to have early access to the offering on a rolling basis, until the product becomes widely available in January 2023. (Los Angeles Times)
Tweet of the week
Chart of the week
324 days since the last US VC-backed fintech IPO
- Goldman Sachs plans to cut bonuses for senior employees (Reuters)
- Circle is no longer going public (WSJ)
- Bernadette Ksepka of FedNow on the future of instant payments (Finovate)