Wells Fargo Considers Partnering Will Ripple Pursuing Better Technology

Wells Fargo considers upgrading the old technology system provided by the banks since the customers said they are also not satisfied with the systems and call for an upgrade. Now could be the perfect time to adopt blockchain-based solutions or distributed ledger systems such as Ripple as we are reading more about in the following XRP news.

Back in the 90s, Wells Fargo was the first bank in America to offer online banking but the lender is now falling short of the clients’ expectations in terms of innovations according to some former and current employees at the bank. The Wall Street Journal reported on the bank’s archaic systems and while the bank enhanced its tech offerings such as contactless debit cards and online mortgage applications and card-free ATMs, the bank is still having a hard time with tech operations. What is even more worrying is that the management doesn’t seem to care. The lender’s division monitoring initiatives such as Apply Pay had a lot of documents getting lost on a regular basis since the verification was done manually. The project manager in the unit from 2014 Mark McAlister, raised the concerns mainly because the regulatory compliance was at stake.

This is not the first time that Wells Fargo faced tech problems. In 2018, the bank faced issues such as software vulnerabilities, cybersecurity concerns, risk-management problems, and many others. The online banking systems shut down for hours and there was another fake-account scandal in 2016 so the lender is facing a tech crisis for a long time now. The old systems made it very hard for the bank to meet the regulatory compliance and the company found difficulties with the basic tasks such as supervising the workers’ pay and to create a new platform for the financial advisers. The new CEO Charles Scharf said to his employees:

 “We need to be a technology company.”

Wells Fargo now considers adding Ripple and it is extremely welcomed by the users. Ripple is a blockchain network operated by a company that claims to sustain the decentralized aspect of the system. Major banks including Standard Chartered, Banco Santander and MUFG Bank, American Express and SBI have already chosen Ripple in order to use it as a payment system.