The bank also said in a Thursday press release that its Wells Fargo Mobile app, which was introduced in 2023, surpassed 33 million active users in February.
Wells Fargo attributed customers’ embrace of these digital tools to the ability to complete financial tasks quickly, securely and with greater personalization.
Fargo allows customers to accomplish more through natural, conversational interactions, the bank said. The mobile app helps customers with tasks such as sending money with Zelle, paying bills, locating routing numbers, and gaining insights into spending and account balances, the bank added.
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“Reaching 1 billion Fargo interactions is a meaningful milestone because it represents how customers are choosing to engage with us every day,” Michelle Moore, head of digital data and artificial intelligence at Wells Fargo, said in the release. “It reflects our disciplined approach to responsibly scaling AI and delivering experiences that make banking easier, smarter and more personal.”
The PYMNTS Intelligence report “Why Digital-First Banking Does Not Mean Digital-Only” found that the convenience of online transactions has driven the soaring popularity of digital banking.
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The January 2024 report found that 81% of customers had used mobile devices to manage their bank accounts at least once in the previous month. It also found that 60% of millennials, 57% of Generation Z and 52% of Generation X primarily used mobile banking apps.
Another PYMNTS Intelligence report, “Is AI the Master Key to Banking’s Next Era?,” found that 72% of retail banking consumers prefer intelligent virtual assistants to traditional chatbots because of the personalized experiences those tools can deliver.
During a January earnings call, Wells Fargo Chairman and CEO Charlie Scharf said the bank had stronger growth in net checking account in 2025 than it had in 2024 and attributed this growth in part to digital account openings facilitated by its mobile app.
“We continue to make enhancements to our mobile app, including making it significantly easier to open accounts, and in 2025, 50% of our consumer checking accounts were opened digitally,” Scharf said. “We also grew mobile active customers by 1.4 million in 2025, up 4% from a year ago.”
Facts Only
Actor: Wells Fargo, major American bank
Action: Launched digital services, including the Wells Fargo Mobile app
Event: Reached over 33 million active users in February 2024
Timeline: The mobile app was introduced in 2023; the increase in users and digital account openings occurred in 2025
Location: United States
Executive Summary
Full Take
In analyzing this article, it is essential to acknowledge that while Wells Fargo's digital growth indicates a shift towards more convenient banking methods, there are several factors to consider. Firstly, the bank's AI capabilities, which facilitate natural and conversational interactions, could potentially raise privacy concerns as users share personal financial information. Secondly, the surge in mobile active customers and digital account openings might signal a broader trend in the banking industry towards digitization, influenced by factors such as the COVID-19 pandemic and changing consumer preferences. Lastly, it is crucial to remember that while these digital tools offer increased convenience, they may also widen existing income disparities if access remains limited for those without smartphones or reliable internet connections.
Questions for further inquiry: What measures are being taken by Wells Fargo to ensure user privacy? How does this trend in digitization impact the banking industry as a whole, and what can be done to address potential disparities in access to these digital services?
Sentinel — Human
This article appears to be written by a human journalist. The text demonstrates a balance of information, personal voices, and varied sentence structures.